value-added tax
A tax assessed at each step in the production of a commodity, based on the value added at each step by the difference between the commodity’s production cost and its selling price.
? A value-added tax ¡ª which is popular in several European countries ¡ª effectively acts as a sales tax on the ultimate consumer. ¡ª Abbr. VAT. [Cases: Taxation 1201.1.]
What is the legal equivalence of value-added tax in Chinese?
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