Value-added tax is a tax system of the European Union, which is levied according to the price of goods. If the pricing is inc vat, that is, including tax, excl vat means excluding tax, and zero VAT means the tax rate is 0.

Tax rates vary from country to country. For example, Italy's tax rate is 22% (implemented on June 2013), and Britain's is 17.5%, and 201year 10/20% is required to pay more.

VAT is usually called VAT in China. The VAT rate in Chinese mainland is generally 13%, and some of them have a low tax rate of 3% and a zero tax rate.

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Reply time: 2021-11-22. Please refer to the latest business changes announced by Ping An Bank in official website.