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value–added tax

noun

Simple Definition of value–added tax

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

Source: Merriam-Webster's Learner's Dictionary

Full Definition of value–added tax

  1. :  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

1935

First Known Use of value–added tax

1935


Law Dictionary

value–added tax

noun value–ad·ded tax

Legal Definition of value–added tax

  1. :  a tax levied at each addition of value in the processing of a raw material, the performance of a service, or the production and distribution of a commodity with each payer except the consumer reimbursed from payment at the next stage —called also VAT




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