meaning of value added tax
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a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.
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a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.
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A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the user pays is on the cost of the product, less any of the costs of materials used in the product that have already been taxed.
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