Definition of value-added tax in English:
A tax on the amount by which the value of an article has been increased at each stage of its production or distribution.
- The French and German governments have prepared a paper for the convention on the future of Europe which proposes to harmonise corporation tax and value added tax to improve the single market.
- An alternative would be to allocate a proportion of value added tax directly to local authorities.
- Taxes for big business and the rich are to be lowered even further, while the broad population will be subjected to a 2 percent increase in value added tax.
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