Business & Commercial Terms with "V"

Glossary of Business & Commercial - Glossario Società & Commerciale

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VAT or Value Added Tax: Value Added Tax is a sales tax set at 20% of value within the UK. Most goods and services supplied within the UK are liable to VAT. Companies must charge VAT when supplying within the UK. A company that is VAT registered may reclaim VAT on purchases. There is no VAT on exports beyond the UK.