Value-added tax (abbreviated to VAT) is a value-added tax that companies must collect and pay. The income and expenditure of companies are offset against each other to determine the amount. In Germany, VAT is 19%, in Austria 20% of the net amount.
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Value added tax (VAT) is an indirect tax levied in many countries, including the member states of the European Union. It is charged on the sale of goods and services and applies to each stage of production as well as the final sale to the consumer.
The calculation of VAT is relatively simple. It is calculated as a percentage of the net price (excluding VAT) of a good or service. The VAT amount is added to the net price to determine the total price (gross price). For example, if a product costs 100 euros and the VAT rate is 20%, then the VAT would be 20 euros and the total price would be 120 euros.
In some cases, there are reduced rates for certain products or services or even exemptions. These reduced rates vary between countries and often apply to food, medicines, books and other goods deemed essential.
Here is a table with the standard VAT rates of some European countries (as of 2021)
| Country | VAT rate |
|---|---|
| VAT rate Germany | 19% |
| Germany | 20% |
| Italy | 22% |
| Spain | 21% |
| Great Britain | 20% |
| Netherlands | 21% |
| Belgium | 21% |
| Austria 21 | 20% |
| Sweden | 25% |
| Denmark | 25% |
VAT rates are subject to change and there are often special rates for certain goods and services. It is therefore always advisable to check the current rates directly with the relevant tax authority in each country.