value-added tax

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value-added tax

value-added tax (VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level. Because the consumer ultimately pays a higher price for the taxed commodity, a VAT is essentially a hidden sales tax. Originally introduced in France (1954), it is now a major part of the tax structure of most Western European nations. In the early 1990s the U.S. government considered instituting a VAT to fund national health care programs.

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"value-added tax." The Columbia Encyclopedia, Sixth Edition. 2008. Encyclopedia.com. 27 Nov. 2009 <http://www.encyclopedia.com>.

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value-added tax

World Encyclopedia | 2005 | Â© World Encyclopedia 2005, originally published by Oxford University Press 2005. (Hide copyright information) Copyright

value-added tax (VAT) Indirect tax imposed in most European countries. Introduced in Britain in 1971, it consists of a series of taxes (calculated as a percentage) levied on goods (or services) in the various stages of their manufacture until the point of sale. See also taxation

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value-added tax

The Oxford Pocket Dictionary of Current English | 2009 | © The Oxford Pocket Dictionary of Current English 2009, originally published by Oxford University Press 2009. (Hide copyright information) Copyright

val·ue-add·ed tax (abbr.: VAT) • n. a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.

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