Business / Accounting / Value Added Tax (VAT): Value Added Tax, or VAT as it is usually called is a sales tax which increases the price of goods. At the time of writing the UK VAT standard rate is 17.5%, there is also a rate for fuel which is 5% (this refers to heating fuels like coal, electricity and gas and not 'road fuels' like petrol which is still rated at 17.5%). VAT is added to the price of goods so in the UK, an item that sells at ??10 will be priced ??11.75 when 17.5% VAT is added.
Tax Noun Synonyms: assess, exact, demand, charge, impose or levy a tax (on), tithe
Tax Adjective Synonyms: levy, impost, duty, tariff, assessment, tribute, toll, excise, customs, charge, contribution, scot, tithe, octroi, cess, rate(s), dues
Business / Finance / Sales Tax: A percentage tax on the selling price of goods and services. MORE
Business / Finance / Tax Avoidance: Audit by the IRS or other tax-collecting agency to determine whether a taxpayer has paid the correct amount of tax. MORE