on these goods inshopsand on services. VAT is a way of charging tax on the increase invalueof goods and services at eachstageas they areproduced, rather than just on their finalsellingpriceto customersThe government announced a temporary increase in value-added tax on consumer goods.→tax ...
The meaning of VALUE-ADDED TAX is an incremental excise that is levied on the value added at each stage of the processing of a raw material or the production and distribution of a commodity and that typically has the impact of a sales tax on the ultimate
added tax. value-added tax noun : an incremental excise that is levied on the value added at each stage of the processing of a raw material or the production and distribution of a commodity and that typically has the impact of a sales tax on the ultimate consumer See the full definition...
Value-added tax, also known as VAT, is a type of tax used in many other countries and is similar to the sales tax used by many US states and localities. It is imposed like a sales tax to raise revenue for the country’s government. All of Europe and many other countries utilize VAT...
Related topics:TaxVAT/ˌviː eɪ ˈtiː, væt/noun[uncountable](value-added tax)ataxaddedto thepriceof goods andservicesin Britain and the EUExamples from the CorpusVAT•Consider thedifferentialtreatmentofcapitalallowances,stampduty,corporationtax andVAT.•How muchVATmust you pay?•...
Value Added TaxGoods and Services TaxConsumption TaxSupplyConsiderationLoyalty ProgramsCancelled TransactionsCash-backsThe quintessentially eccentric style in which the Australian GST is drafted has led the High Court of Australia to suggest that Australia's GST differs from other value added taxes in ...
The meaning of VALUE-ADDED is of, relating to, or being a product whose value has been increased especially by special manufacturing, marketing, or processing. How to use value-added in a sentence.
The meaning of VALUED is having a value or values especially of a specified kind or number —often used in combination. How to use valued in a sentence.
Some indirect taxes are also referred to as consumption taxes, such as avalue-added tax (VAT).2 Regressive Nature of an Indirect Tax Indirect taxes are commonly used and imposed by the government to generaterevenue. They are essentially fees that are levied equally upontaxpayers, no matter your...
Irish backstop provision with a protocol. According to the revised deal, the entire U.K. left the EU customs union upon Brexit, but Northern Ireland continued following EU regulations and value-added tax (VAT) laws for goods, while the U.K. government collected the VAT on behalf of the ...