value added tax

A Dictionary of Accounting,  January, 1999  by R. HUSSEY

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value added tax (VAT) A charge on taxable supplies of goods and services made in the UK by a taxable person in the course or furtherance of a business. Where appropriate, each trader adds VAT to sales and must account to the Board of Customs and Excise for the output tax . The input tax paid on purchases ...

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