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 ?
The ERA System ensures financial accountability and efficiency for collecting agents, accurate deduction and automatic transparent remittance of consumption tax as well as rewards for consumers.
The regressivity of the consumption tax has become a problem, where the lower the income group in Japan, the greater the burden of a tax on consumption.
A consumption tax hike in April 2017 is assumed to be implemented under each scenario, but the estimates are weak in spending reform around social security costs, and touch on several scenarios based on the current system, including one where the PB balance is not achieved in fiscal 2020, both on a national and local level (scenario 1), and one where the PB balance is achieved (scenario 2).
Adding a consumption tax on top of the current income tax would have even more negative consequences, French said.
The consumption tax rise was touted last year by then Prime Minister Yoshihiko Noda, whose Democratic Party lost in a national election in December.
65-percent employer portion of the payroll tax, and replace it with a revenue-neutral, border-adjusted consumption tax of 8 percent.
He added: "Everyone knew for a year before the announcement point of consumption tax was coming.
In some way (increasing) the consumption tax is the most appealing measure to take," Singh said.
If I may comment on that assumption, it's not that our party, for one, is opposed to a consumption tax hike.
Many countries have adopted a different kind of consumption tax - the Value-Added Tax (VAT) - in addition to their income and other taxes.
67 billion) of consumption tax for gasoline and diesel in the first quarter of this year, while PetroChina paid 22.
51mln amid lower import demand, whilst total consumption tax receipts decreased by a further 12.