A tax that is levied only on the value added of a firm. A VAT is usually subject to border tax adjustment.
Most traders in the UK are registered for VAT. This means that registered traders have to charge their customers value added tax on any goods and services they supply which are not exempt. The VAT collected (less VAT they have been charged) is later paid to H M Customs and Excise.
A term used in some countries for a Goods and Services Tax.
A method of indirect taxation whereby the tax is assessed and levied on the increase of the value of the goods as they pass from the raw material through to the final product stage. If the production process is split between different firms, each is taxed only on the value added to the product during the part of the production stage it is undertaking. Français: Taxe sur la valeur ajoutée Español: Impuesto sobre el valor añadido, IVA
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.
Also known as Goods and Services Tax (GST).
As a general rule, prices listed in the EasyOrder are net prices, and do not include the statutory value added tax. This is indicated on the inlayeridual forms. Prices for services which already include, or are exempt from any value added tax, are indicated accordingly on the inlayeridual forms.
a levy (tax) imposed at each level of manufacture and production of a good or service
A tax on goods and services levied by a government.
A tax added to sale prices of goods or services.
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 of the goods he purchases for resale after making his own contribution. The value added tax is imposed throughout the European Community and EFTA countries and many other trading nations but not the United States. See also: Border Tax Adjustments, Consumption, Distribution, Harmonization, Indirect Tax, Sales Tax, Tax, Value
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.
Value Added Tax, or VAT as it is usually called is a sales tax which increases the price of goods. At the time of writing the UK VAT standard rate is 17.5%, there is also a rate for fuel which is 5% (this refers to heating fuels like coal, electricity and gas and not 'road fuels' like petrol which is still rated at 17.5%). [Go to source
A tax that is levied only on the value added by the seller. A VAT is usually subject to refund or adjustment at the border.
Tax that is added to each commodity at the appropriate rate depending on the commodity purchased.
An indirect tax levied on each stage of the production of most goods and services. Currently it stands at 17.5 per cent..
An indirect tax payable by adding it onto the value of most goods and services.
A tax assessed on the amount by which goods have been increased in value from the raw materials or semi-manufactured stage.
Value added tax is an indirect tax operated on behalf of the government by HM Customs and Excise. The tax is charged on certain goods and services supplied by a 'taxable person' in the course of his business. A taxable person is one who carries on a business which has sufficient turnover to allow him to register for VAT purposes (the minimum amount of taxable turnover is varied from time to time)
Tax on the production and distribution of goods and services. In South Africa 14% VAT is added to the cost of an item when it is produced or distributed.
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.
another version of consumption tax like GST
An inclusive tax used in several European Countries.
Value added tax (VAT) is tax on exchanges. It is levied on the value added that results from each exchange. It differs from a sales tax because a sales tax is levied on the total value of the exchange.
The VAT is a consumption tax imposed in the whole European Union, including Latvia. The said tax is levied on goods and services purchased and sold for use or consumption. This tax included in the price of a good or service is paid by the end consumer, therefore it is considered an indirect tax. In Latvia, based on the Law “On Value Added Tax” the basic tax rate currently in effect is 22 %, but the reduced VAT rate is 10 %.
The VAT is a universal tax, because it is suitable for consumption with rare exemptions stipulated by the law, and this tax is not directly imposed on business. Due to the competition terms the European Union has put in place strict regulations on imposing the VAT.