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Value-added tax
/vˈælju-ˈædəd
tæks/
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Value-added tax
noun
1.
A tax levied on the difference between a commodity's price before taxes and its cost of production.
Synonyms:
ad valorem tax
,
VAT
.
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Etymology of 'Value-added tax'
WordNet 3.0 © 2010 Princeton University
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