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单词 value added tax
释义

value added tax

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 HM Revenue and Customs for the output tax. The input tax paid on purchases can be deducted from the output tax due. VAT, indirect taxation that falls on the final customer, was introduced in 1973 when the UK joined the European Economic Community. Unless they are zero-rated goods and services, exempt supplies, or taxed at a special rate, all goods and services in the UK now bear VAT at a rate of 20%.

VAT information from the Gov.uk website

value analysis An examination of every feature of a product to ensure that its cost is no greater than is necessary to carry out its functions. Value analysis can be applied to a new product idea at the design stage and also to existing products. See alsovalue engineering.

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更新时间:2025/1/22 21:56:35