value-added tax
Incremental sales charge
A value-added tax is a consumption tax collected at each stage of production, based on the increase in value at that stage.
Unlike a sales tax applied only at final purchase, VAT is charged throughout the supply chain.
Common in Europe and elsewhere, abbreviated VAT: The price includes VAT.
Business income total
- treasuryStored organizational funds
- exchequerGovernment financial reserves
- public fundsGovernment-held monetary resources
- budgetPlan for spending
fiscal policy · tax base · funding · deficit reduction · allocation
Things for sale
- servicesActs performed for others
- retailSales to end users
- wholesaleBulk sales to merchants
- importObtain from overseas
export · transaction · purchase · sales · consumer · price · checkout · merchant
Storing documents systematically
- auditFormal accounts examination
- registrationFormal recording of participation
- taxpayerOne who owes government duties
- tax authorityGovernment body collecting levies
invoice · accounting · record-keeping · deadline · penalty · declaration · assessment · refund claim
Direct reduction of liability
- multi-stageOccurring in successive phases
- incrementalProceeding by small additions
- zero-ratedSubject to null taxation
- reduced rateLowered cost for something
tax invoice · registration · threshold · supply chain · cascading · deduction · collection · remittance
Reverting to earlier stages
- tax burdenAmount owed to government
- harmonizationCreating consistency across systems
- exemptionRelease from requirement
- legislationOfficial enactment of statutes
revenue
Business income total
- treasuryStored organizational funds
- exchequerGovernment financial reserves
- public fundsGovernment-held monetary resources
budget · fiscal policy · tax base · funding · deficit reduction · allocation
goods
Things for sale
import · export · transaction · purchase · sales · consumer · price · checkout · merchant · vendor
filing
Storing documents systematically
- auditFormal accounts examination
- registrationFormal recording of participation
- taxpayerOne who owes government duties
tax authority · invoice · accounting · record-keeping · deadline · penalty · declaration · assessment · refund claim · documentation
tax credit
Direct reduction of liability
- multi-stageOccurring in successive phases
- incrementalProceeding by small additions
- zero-ratedSubject to null taxation
reduced rate · tax invoice · registration · threshold · supply chain · cascading · deduction · collection · remittance
regressive
Reverting to earlier stages
- tax burdenAmount owed to government
- harmonizationCreating consistency across systems
- exemptionRelease from requirement
legislation · regulation · reform · carve-out · digital services
- taxessales tax, income tax, estate tax, excise tax, corporate tax
- taxationtax, income tax, sales tax, tax return, tax refund
- business taxestax returns, tax filing, tax deductions, deductions, taxable income
- Indirect Taxesexcise tax, VAT, sales tax, customs duty, import duty
- public financepublic debt, budget deficit, tax revenue, budgets, expenditure
- sales taxessales tax, retail tax, consumption tax, VAT, GST
value-added taxdirect tax
Charge on income directly
tax-free · income tax · wealth tax · property tax · direct taxation
value, added, valuable, valued, evaluate, values, evaluation, devalue, undervalue