value added tax ●●●●○
ESL CEFR | B2ACRONYM
ˌvalue-added ˈtax noun [uncountable]
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English Dictionaryˌvalue-added ˈtax noun [uncountable] vat [TahlilGaran] Dictionary of Contemporary English ▲
Acronyms and AbbreviationsValue Added Tax (VAT) A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product. [TahlilGaran] Acronyms and Abbreviations Dictionary ▲
Value-Added Tax 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. [TahlilGaran] Acronyms and Abbreviations Dictionary ▲