: an incremental excise that is levied on the value added at each stage of the processing of a raw material or the production and distribution of a commodity and that typically has the impact of a sales tax on the ultimate consumer
Example Sentences
Recent Examples on the WebIn the 18 months of the pandemic, more than half of the revenue for local governments have come from property, as corporate-income and value-added tax receipts declined. John Lee, WSJ, 6 Oct. 2021 Under the region’s customs union, imports of pasta face a tariff of 20% and also value-added tax of 15%.The Economist, 15 Mar. 2018