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value-added tax

noun
1.
an excise tax based on the value added to a product at each stage of production or distribution: value added is arrived at by subtracting from the total value of the product at the end of each production or distibution stage the value of the goods bought at its inception.
Abbreviation: VAT.
Also called added-value tax.
Origin
1930-1935
1930-35
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for valueadded tax

value-added tax

noun
1.
(in Britain) the full name for VAT
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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valueadded tax in Culture
value-added tax (VAT)

A tax on the value added to a product at each stage of its production, from raw materials to finished product. Widely employed in Europe, value-added taxes have the advantage (for governments) of raising revenue “invisibly,” that is, without appearing as taxes on the bill paid by the consumer.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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