VALUEADDEDTAX

Value added tax

A value added tax is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. The manufacturer remits to the government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs.

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Value Added Tax

Value Added Tax is a tax on consumption levied in the United Kingdom by the national government. It was introduced in 1973 and is the third largest source of government revenue after income tax and National Insurance. It is administered and collected by HM Revenue and Customs.

The above text is a snippet from Wikipedia: Value Added Tax (United Kingdom)
and as such is available under the Creative Commons Attribution/Share-Alike License.

value added tax

Noun

(VAT)
  1. A tax levied on the added value that results from the exchange of goods and services.


The above text is a snippet from Wiktionary: value added tax
and as such is available under the Creative Commons Attribution/Share-Alike License.

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