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value-added tax
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noun
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
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Also called added-value tax [ad-id-val-yoo] /ˈæd ɪdˈvæl yu/ .
Origin of value-added tax
First recorded in 1930–35
Words nearby value-added tax
valuate, valuation, valuator, value, value-added, value-added tax, valued, value date, valued policy, value fund, value judgment
Dictionary.com Unabridged
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
How to use value-added tax in a sentence
British Dictionary definitions for value-added tax
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
Cultural definitions for value-added tax
value-added tax
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 New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.