vatvæt
vat (n)
- plural
- vats
English Definitions:
VAT, value-added tax, ad valorem tax (noun)
a tax levied on the difference between a commodity's price before taxes and its cost of production
tub, vat (noun)
a large open vessel for holding or storing liquids
vat (Noun)
A large tub, such as is used for making wine or for tanning.
vat (Verb)
To blend (wines or spirits) in a vat.
VAT (Noun)
Value-added tax.
VAT (Noun)
Vigilance awareness training.
Vát
Vát is a village in Vas county, Hungary.
VAT
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues both worldwide and among the members of the Organisation for Economic Co-operation and Development (OECD).: 14 As of 2018, 174 of the 193 countries with full UN membership employ a VAT, including all OECD members except the United States,: 14 where many states use a sales tax system instead. There are two main methods of calculating VAT: the credit-invoice or invoice-based method and the subtraction or accounts-based method. In the credit-invoice method, sales transactions are taxed, the customer is informed of the VAT on the transaction, and businesses may receive a credit for the VAT paid on input materials and services. The credit-invoice method is by far the more common and is used by all national VATs except for Japan. In the subtraction method, a business at the end of a reporting period calculates the value of all taxable sales, subtracts the sum of all taxable purchases, and applies the VAT rate to the difference. The subtraction method VAT is currently used only by Japan although it, often by using the name "flat tax," has been part of many recent tax reform proposals by US politicians. With both methods, there are exceptions in the calculation method for certain goods and transactions that are created to help collection or to counter tax fraud and evasion.
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