value-added tax

Found in Anh - Anh (Wordnet)

Definition Noun : A consumption tax assessed on the value added to goods and services at each stage of production or distribution. It is ultimately borne by the final consumer but collected incrementally by businesses along the supply chain. Usage "Value-added tax" (often abbreviated as VAT) is a standard term in economics, finance, and business. It refers to a specific type of indirect tax sys...