Bankloch

Taxes are a part of life, whether we like it or not. One of the most known yet often overlooked taxes is   Value-Added Tax (VAT) . In Belgium, the standard VAT rate is   21% , embedded in the price of almost everything we buy. For consumers, VAT is straightforward—you pay it and move on. But for businesses, VAT is a complex system of charging, reclaiming, and navigating a maze of exceptions. As a Product Manager, I often build business cases that require a clear understanding of what customers will ultimately pay, including their cost structure (cfr. my blog ' A good business plan is the foundation of every new idea ' -   https://bankloch.blogspot.com/2021/04/a-good-business-plan-is-foundation-of.html ). While I’m not a tax specialist, I frequently need to understand VAT basics to make informed decisions. At first glance, VAT seems straightforward: businesses charge VAT on sales and reclaim VAT on purchases, ensuring tax is paid only on the value added. For example, if yo...