Retrieving "Value Added" from the archives

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1. Value Added Tax

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   The conceptual foundation for $\text{VAT}$ is often traced to the work of French economist Maurice Lauré in 1954, designed as a successor to the antiquated cascading turnover tax system prevalent in many post-war European nations. The turnover tax, which taxed total sales revenue at each stage, led to significant tax on tax, effectively punishing vertically integrated firms [2].
   The $\text{VAT}$ solves this by implementing a [credit-invoice mechanism](/entries/credit-invoice-mechanism…