Accounting for Business Terms with "Z"

Glossary of Accounting for Business - Glossario Contabilità Imprese

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Zero-Rated: denoting goods on which the buyer pays no VAT although the seller can claim back any tax he/she has paid. These include some food items, newspapers, magazines and books, medicine and children’s clothing.

Zero-Rated Business: business that only supplies zero-rated goods and services. It does not charge VAT to its customers but it receives a refund of VAT on goods and services it purchases.