Explain the importance of value added tax in a tax system

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Reference no: EM133325355

Problem: John Taylor, a tax consultant, charges his clients a fee based on the percentage of the tax he saves a client. John received a payment from a client, but he realised that Angela didn't declare income. Therefore, the income tax return that John's prepared understated income tax liability.

Explain the importance of Value Added Tax in a Tax System. Your answer should refer to pros and cons of VAT. (10%)

Reference no: EM133325355

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