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Home→The Westburn Dictionary of Marketing→V→value added tax (VAT)

value added tax (VAT)

Definition:
A tax on output, whether at manufacturing, wholesale or retail level, levied throughout the EUROPEAN UNION. In the UK the firm makes its own calculations of tax due, subject to inspection, by HM Customs and Excise Department, and pays at intervals during the year.

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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [A. J. Brown and Michael J. Baker], [1998].