Value-added tax
noun
noun ·Rare ·Advanced level
Definitions
Noun
- 1 Alternative form of value added tax. alt-of, alternative
"For example, its two biggest deficit-cutting ideas are on the tax side, eliminating all itemized deductions for income taxes (raising $3.42 trillion over 10 years) and imposing a European-style value-added tax (VAT) of 5% on goods and services (raising $3.38 trillion over 10 years)."
- 2 a tax based on the value of the goods collected by the end retailer wordnet
Example
More examples"For example, its two biggest deficit-cutting ideas are on the tax side, eliminating all itemized deductions for income taxes (raising $3.42 trillion over 10 years) and imposing a European-style value-added tax (VAT) of 5% on goods and services (raising $3.38 trillion over 10 years)."