| Dictionary, Encyclopedia and Thesaurus - The Free Dictionary 1,524,012,885 visitors served. |
Dictionary/ thesaurus | Medical dictionary | Legal dictionary | Financial dictionary | Acronyms | Idioms | Encyclopedia | Wikipedia encyclopedia | ? |
VAT |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.07 sec. |
value-added tax (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. VAT in Britain value-added tax: a tax levied on the difference between the cost of materials and the selling price of a commodity or service |
|
| ? Mentioned in | ? References in periodicals archive | ||
|---|---|---|---|
| The bonds are direct obligations of the district and are payable
from an unlimited ad valorem tax levied against all taxable property
located within the district. The bonds are direct obligations of the city, payable from the levy
and collection of a direct and continuing ad valorem tax within the
limits prescribed by law, on all taxable property located within the
city. 6
million limited ad valorem tax bonds, series 2006. |
| Encyclopedia |
| Free Tools: |
For surfers:
Browser extension |
Word of the Day |
Help
For webmasters: Free content | Linking | Lookup box | Double-click lookup | Partner with us |
|---|