A tax applied to the additional value created at a given stage of production and calculated as a percentage of the difference between the product value at that stage and the cost of all materials and services purchased or introduced as inputs
A tax imposed on value added, that is, on the difference between the cost of materials purchased by a firm and the price for which it sells goods produced using those materials
levy imposed on businesses at all levels of production of a good or service, and based on the increase in price, or value, added to the good or service by each level
Value-added tax is a tax that is added to the price of goods or services. The abbreviation VAT is also used. A tax on the estimated market value added to a product or material at each stage of its manufacture or distribution, ultimately passed on to the consumer. vat. Government levy on the amount a firm adds to the price of a goods or services as value is added that is, at each step of their production and distribution. In the most common method of calculation, the seller subtracts the sum of taxes paid on items being purchased from the sum of all taxes that have been collected on the items being sold; the net tax liability is the difference between the tax collected and the tax paid. The burden of the value-added tax, like that of other sales taxes, tends to be passed on to the consumer. To limit the VAT's regressiveness, most countries set lower rates for consumer necessities than for luxury items. In 1954 France became the first country to adopt the value-added tax on a large scale. Though complex to calculate, the tax served as an improvement on earlier systems by which a product was taxed repeatedly at every stage of production and distribution. It has since been adopted throughout much of Europe and in many countries in South America, Asia, and Africa. All European Union member countries have a VAT. See also regressive tax
An indirect tax on consumption that is levied at each discrete point in the chain of production and distribution, from the raw material stage to final consumption Each processor or merchant pays a tax proportional to the amount by which he increases the value or marks up the goods he purchases for resale
A European Community (EC) tax assessed on the increased value of goods as they pass from the raw material stage through the production process to final consumption The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase The EC charges a tax equivalent to the value added to imports and rebates value-added taxes on exports Some other countries' retail sales tax also called VAT, such as Taiwan
An indirect tax assessed on the increase in value of goods from the raw material stage through the production process to final consumption The tax to each processor or merchant is levied on the amount by which the merchant has increased the value of items purchased for resale
An indirect tax on consumption that is assessed on the increased value of goods at each 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 the items they purchase and resell
A type of national sales tax collected at each stage of production or sale of consumption goods, and levied in proportion to the value added during that stage
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