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value added tax meaning

"value added tax" in a sentence
  • n. [c] (abbreviation VAT) a tax that is collected by adding a percentage onto things that people buy

  • [Economics]
    = VAT

    A charge on taxable supplies of goods and services made by a taxable person in the course or furtherance of a business. In the UK, each trader (where appropriate) adds VAT to sales and must account to the Board of Customs and Excise for the output tax. The input tax paid on purchases can be deducted from the output tax due. VAT, indirect taxation that falls on the final customer, was introduced in 1973 when the UK joined the European Economic Community. Unless they are zero-rated goods and services, exempt supplies, or taxed at a special rate, all goods and services in the UK now bear VAT at a rate of 17.5%.

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What is the meaning of value added tax and how to define value added tax in English? value added tax meaning, what does value added tax mean in a sentence? value added tax meaningvalue added tax definition, translation, pronunciation, synonyms and example sentences are provided by eng.ichacha.net.