value-added tax (Meaning)

Wordnet

value-added tax (n)

a tax levied on the difference between a commodity's price before taxes and its cost of production

The implementation of a value-added tax (VAT) raised significant revenue for the government.
Businesses are required to calculate and pay VAT on the difference between the sale price and the cost of goods sold.
The value-added tax is a consumption tax levied on the value added at each stage of the production process.
Retailers are responsible for collecting VAT from customers and remitting it to the tax authorities.
The zero-rated value-added tax applies to essential goods and services, such as healthcare and education.
VAT refunds are available to businesses that export goods or services outside the jurisdiction.
The government implemented a reduced value-added tax rate for certain industries to stimulate economic growth.
Businesses must keep accurate records of their transactions for value-added tax purposes.
Failure to comply with value-added tax regulations can result in penalties and fines.
The value-added tax system is designed to ensure that the tax burden is shared fairly across all sectors of the economy.

a tax levied on the difference between a commodity's price before taxes and its cost of production

income tax, single tax, withholding tax, hidden tax, sin tax, tax, property tax, sales tax, poll tax, estate tax

No antonyms found.

The implementation of a value-added tax (VAT) raised significant revenue for the government.

Businesses are required to calculate and pay VAT on the difference between the sale price and the cost of goods sold.

The value-added tax is a consumption tax levied on the value added at each stage of the production process.

Retailers are responsible for collecting VAT from customers and remitting it to the tax authorities.