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.
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Famous quotes containing the words added and/or tax:
“Let us not underrate the value of a fact; it will one day flower in a truth. It is astonishing how few facts of importance are added in a century to the natural history of any animal. The natural history of man himself is still being gradually written.”
—Henry David Thoreau (1817–1862)
“Parents are used to being made to feel guilty about...their contribution to the population problem, the school tax burden, and declining test scores. They expect to be blamed by teachers and psychologists, if not by police. And they will be blamed by the children themselves. It is hardy a wonder, then, that they withdraw into what used to be called “permissiveness” but is really neglect.”
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