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value added tax

   Also found in: Dictionary/thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.
See: ad valorem


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On 11 May 2006, the Directorate-General Taxation and Customs Union of the European Commission released a Consultation Paper on modernising Value Added Tax obligations for financial services and insurances.
Up until 2001, according to Picchi, the Ecuadorian government refunded Occidental and other oil companies' value added tax payments for purchases of goods and services used to produce oil for export.
A major quirk is the VAT, or value added tax, the equivalent of a national sales tax.
 
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