An indirect tax on consumption levied at each discrete point in the chain of production and distribution, from raw material to end use Each processor or merchant pays a tax proportional to the amount by which they increase the value of the goods purchased for resale after making their own contribution The VAT is imposed through the European Community
An indirect tax on consumption that is assessed on the increased value of goods at each discrete point in the chain of production and distribution, from the raw material stage to final consumption The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase and resell
A general consumption tax for the production and distribution of goods and services, added as a percentage charge based on price that reflects the incremental value added by a given activity
A form of taxation in which taxes are added cumulatively as a product changes hands A common tax in Europe, which, upon application, can often be refunded to foreign visitors after their visit
A tax which must be charged by VAT registered businesses on goods and services which they supply VAT is administered by HM Customs and Excise, not the Inland Revenue Registered businesses must pay to HM Customs and Excise any VAT that they charge on their sales (outputs), but can normally deduct VAT they have paid on goods purchased for the business (inputs)
(Ticaret) (VAT) A general consumption tax for the production and distribution of goods and services, added as a percentage charge based on price that reflects the incremental value added by a given activity
Abbreviation: VAT A form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer