Value Added Tax
Value added tax (VAT) is a tax on sales. It works by being charged on the sale price of new goods and services, whether purchased by intermediate or final consumers. However, intermediate consumers may reclaim VAT paid on their inputs, so that the net VAT is based on the value added by producing this good or service.
Read more about this topic: Value Added
Famous quotes containing the words added and/or tax:
“And each man is marked for toil,
Much labour is his fate,
Nor is there any new hurt
That may be added to the race.”
—Hilda Doolittle (1886–1961)
“I find nothing healthful or exalting in the smooth conventions of society. I do not like the close air of saloons. I begin to suspect myself to be a prisoner, though treated with all this courtesy and luxury. I pay a destructive tax in my conformity.”
—Ralph Waldo Emerson (1803–1882)