value-added tax


value–added tax

noun

: a tax that is added to products at each stage of their production

Full Definition of VALUE-ADDED TAX

:  an incremental excise that is levied on the value added at each stage of the processing of a raw material or the production and distribution of a commodity and that typically has the impact of a sales tax on the ultimate consumer

First Known Use of VALUE-ADDED TAX

1935

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