Entry from British & World English dictionary
Definition of zero-rated in English:
adjectiveFinance , British
Denoting goods or services that are taxable for VAT, but with a tax rate of zero.
- It has no VAT repayment claim as the goods were zero-rated on import.
- Taxable supplies mean the value of all taxable supplies including zero-rated supplies.
- Supplies made by these organisations will be zero-rated.
- Example sentences
- The farmers want the Government to revert to the zero rating of VAT on the inputs, a system that was introduced two years ago but abandoned in 2005.
- With zero rating, VAT is included with the price of the animal.
- The Customs union would entail all member states applying same customs rate of duty on all goods coming from outside Comesa while zero rating all goods from within the regional grouping.
Pronunciation: /ˌzɪərəʊ ˈreɪtɪŋ/noun
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