Definition of VAT noun from the Oxford Advanced Learner's Dictionary



BrE BrE//ˌviː eɪ ˈtiː//
; NAmE NAmE//ˌviː eɪ ˈtiː//
; BrE BrE//væt//
; NAmE NAmE//væt//
[uncountable] (British English)
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the abbreviation for value added tax (a tax that is added to the price of goods and services) Prices include VAT. £27.50 + VAT Culture The money from the tax is collected by the person selling the goods or providing the services and must then be paid to the government. Certain types of goods are free from the tax, including food, books and children's clothes, and on some other goods the tax is paid at a reduced rate. VAT has existed in Britain since 1971 and there are similar taxes in many European countries.
See the Oxford Advanced American Dictionary entry: VAT

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