VAT
noun/ˌviː eɪ ˈtiː/, /væt/
/ˌviː eɪ ˈtiː/, /væt/
[uncountable] (British English)- a tax that is added to the price of goods and services (the abbreviation for ‘value added tax’)
- Prices include VAT.
- £27.50 + VAT
CultureThe 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 1973 and there are similar taxes in many European countries.Oxford Collocations DictionaryVAT is used before these nouns:- invoice
- registration
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VAT