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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译员Joanne，亚洲顶尖法学院国际贸易专业，专注翻译各种与复杂国际贸易有关的法律文件。