Value-Added Tax 1
Value-Added Tax 1 : A European Community (EC) tax assessed on the increased value of goods as they pass from the raw material stage through the production process to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase. The EC charges a tax equivalent to the value added to imports and rebates value-added taxes on exports. Some other countries' retail sales tax also called VAT, such as Taiwan
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