value added tax

A tax assessed at each step in the production of a commodity, based on the value added at each step by the difference between the commodity’s production cost and its selling price.

• A value-added tax — which is popular in several European countries — effectively acts as a sales tax on the ultimate consumer. — Abbr. VAT. [Cases: Taxation 1201.1.]

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词条贡献者

译者Celia，毕业于新加坡知名法学院，擅长翻译涉及信息和智能技术领域的法律文件。