VAT

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VAT

abbreviation for VALUE ADDED TAX.
References in periodicals archive ?
So, among friends of liberty and serious critics of the present tax code - with its intrusiveness and economic deadweight - let us revisit the argument for a flat tax on consumed income versus a national sales tax or a VAT.
a VAT - can the tax collector be sure that taxpayers don't go around retail outlets to do their purchasing tax free.
In Europe, the VAT discriminates among product categories.
A VAT would be simpler to administer than the current income tax system.
It is likely that we will hear a lot more about a VAT before the decade is out.
The Gibbons VAT proposal is based on the "destination principle.
Although it seems theoretically sound to contend that placing greater reliance on a VAT or consumption taxes to raise government revenue would result in increased saving, we have been unable to find any empirical evidence that that actually happens in practice.
Moreover, data for twenty-three OECD countries[4] indicate that neither consumption taxes in general, nor a VAT or retail sales tax in particular, have any impact on the rate of saving.
Assume, for example, that the gross profit tax base found in the VAT were extracted and substituted for the present U.
Assume further that such a gross profit tax is, like a VAT, an indirect tax that may, under the GATT, be imposed on imports and rebated on exports.
Danforth (R-Missouri) observed that any VAT proposal would take at least 18 months to generate revenue.
Both witnesses agreed that the VAT encouraged savings, capital formation, and exports while producing less economic distortion than alternative taxes raising equivalent amounts of revenue.