A European Community (EC) tax assessed on the increased value of goods as they pass from the raw material stage through the production process to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase. The EC charges a tax equivalent to the value added to imports and rebates value-added taxes on exports.
(VAT) ( taxe sur la valeur ajoutée (TVA)). A tax that applies to consumer expenditure. It is charged on the supply of goods and services within a country by a registered person where such supplies are not exempt or subject to a zero rate of tax. VAT is also charged on imports. Canada's goods and services tax is a form of VAT. It applies at each stage of the production and distribution chain. To ensure that tax applies only once to the final consideration paid for a consumer expenditure, registered businesses are entitled to credits for tax paid on inputs into making taxable supplies.
a sales tax collected at each stage of production, excluding the already-taxed costs from previous stages.
A tax levied upon a firm as a percentage of its value added to avoid the multiplying effect of taxes as the product passes through different stages of production. The tax is based on the difference between the value of the output over the value of the inputs used to produce it.
a national sales tax that would impact products at each stage of their production.
a tax levied on the difference between a commodity's price before taxes and its cost of production
a kind of indirect tax that is imposed on customers and is paid for by each purchaser
a sales tax levied on materials and goods at each step in the product cycle
a tax assessed at the company level on the difference between what a company sells and what it buys
a tax, levied at each stage of production, on firms' value added
a tax on the value added at each stage of the production of goods and services
A sales tax collected at each stage of production in proportion to the value added during that stage.
An indirect tax assessed on the increase in value of goods from the raw material stage through the production process to final consumption. The tax to processors or merchants is levied on the amount by which they have increased the value of items that were purchased by them for use or resale. This system is used in the European Community.
Taxes collected at each stage of production.
An indirect tax on consumption that is assessed on the increased value of goods at each discrete point in the chain of production and distribution, from the raw material stage to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase and resell.
An indirect tax on consumption that is levied at each discrete point in the chain of production and distribution, from the raw material stage to final consumption. Each processor or merchant pays a tax proportional to the amount by which he increases the value or marks up the goods he purchases for resale.
Tax added onto a product during each step of production, from raw material to finished good.
Abbreviation: VAT. Form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the final customer.
A tax applied to the additional value created at a given stage of production and calculated as a percentage of the difference between the product value at that stage and the cost of all materials and services purchased as inputs. The VAT is the primary form of indirect taxation applied in the European Union (EU-- q.v.), and it is the basis of each country's contribution to the community budget.
Method of indirect taxation that levies a tax is at each stage of production on the value added at that specific stage.
A percentage tax on the value added to goods or services at each stage of production and distribution. As with general sales taxes, consumers bear the final burden of value-added taxes.