value-added tax


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value-added tax

(VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level. Because the consumer ultimately pays a higher price for the taxed commodity, a VAT is essentially a hidden sales tax. Originally introduced in France (1954), it is now a major part of the tax structure of most Western European nations. In the early 1990s the U.S. government considered instituting a VAT to fund national health care programs.
References in periodicals archive ?
It is the transmission wheeling charges which are affected by the TRAIN law and will be subjected to value-added tax.
During the workshop it was explained that the application of value-added tax in the kingdom should not have a prolonged effect on the purchasing power of consumers.
The value-added tax will raise the efficiency of tax administration.
The shift from a business tax to value-added tax across many industries including transportation and logistics-related services has brought a heavier tax burden to shipping companies amid a sluggish environment for freight rates.
The bank is believed to have purchased permits from a criminal organization that failed to pay the value-added tax to the state, and now the bank has renounced its right to seek compensation from the government.
The president also signed Saturday a draft law to exempt red and green diesel from the value-added tax of LL3,000 per 20 liters.
The Bowles-Simpson plan, which has also faced strong political opposition, did not contain any kind of value-added tax.
The government had secured EUR20bn of loans from the International Monetary Fund and the European Union to stay afloat, and raised value-added tax by five points to 24 per cent in July.
A five percent value-added tax in the UAE would double the revenues they get from customs duties," The National reported Monday, quoting adviser to the Prime Minister's office, Ehtisham Ahmad.
Auto Business News-9 December 2008-Tata to pass central value-added tax to Indian customers(C)2008 ENPublishing - http://www.
Coordinated by the Institute's new European Tax Committee, comments were also submitted to the European Commission on modernization of the value-added tax (VAT) system.
tax code is very unlikely to scrap the income tax system in favor of a national sales tax or a European-style value-added tax, the panel's vice chairman told the American Council of Life Insurers.

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