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V A L S T S I Z G L T B A S S A T U R A C E N T R S 2014 EXAMENS ANGUS VALID 9. LASER 2014 KOLA DARBY LAP Lasagna RDS Words Lase Kola Task 1 (10 points) Read the text and circle the correct option
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VALS stands for the Value Added Tax (VAT) and Local Sales Tax System.
Businesses registered for VAT are required to file VALS.
VALS can be filled out online through the tax authority's portal or manually by submitting paper forms.
The purpose of VALS is to collect taxes on sales transactions and report them to the tax authority.
Information such as sales revenue, taxable purchases, VAT collected, and VAT paid must be reported on VALS.
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