value-added tax (n)~ A tax on goods or services that is applied to each sale of the good or service. Each company is liable for apying to the tax authorities the VAT for goods or services that they have sold but to subtract from that amount the tax for goods or services that they have purchased.
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value-added tax (n)~ A tax on goods or services that is applied to each sale of the good or service. Each company is liable for apying to the tax authorities the VAT for goods or services that they have sold but to subtract from that amount the tax for goods or services that they have purchased.
