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What Does VAT Mean?

What Does VAT Mean?

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Value Added Tax

VAT is an abbreviation that stands for 'Value Added Tax.' It is a tax that is added to the price of goods and services at each stage of production or distribution. The tax is ultimately paid by the end consumer.

VAT is a widely recognized and used term in business and finance, particularly in countries that use it as a form of taxation.

Fun Facts

  • VAT was first introduced in France in 1954, and has since been adopted by many other countries around the world as a form of taxation.
  • VAT is often used as an alternative to sales tax, and is typically applied to a wider range of goods and services.

Examples

  • The price of this shirt is $20 plus VAT, which brings the total to $24.
  • The VAT rate in the UK is currently 20%.
  • The VAT on this hotel room is 10%.

Related Acronyms and Abbreviations

  • GST: GST stands for 'Goods and Services Tax,' which is a similar tax system used in some countries, including India and Canada.

Quiz

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Search or browse all acronyms and abbreviations

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