Value Added Tax


Value Added Tax
n [U] (abbr VAT)
(in Britain) a tax of 17.5% which is added to the price of goods and services when they are sold. The money from the tax is collected by the person selling the goods and must then be paid to the government. Certain types of goods are free from the tax, including food, books and children’s clothes. VAT has existed in Britain since 1971 and there are similar taxes in many European countries.

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Universalium. 2010.

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