„Value Added Tax“

An indirect tax on consumption that is assessed on the increased value of goods at each discrete point in the chain of production and distribution, from the raw material stage to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase and resell.

Rein, Monroe, “The Value Added Tax: A General Overview”. In: Sijbren Cnossen (ed.), Tax Coordination in the European Community, Kluwer Law and Taxation Publishers, Deventer, 1987, pp. 63-89.