VAT
n. C / Un. Stands for Value Added Tax. A tax added to the price of most goods and services. Businesses collect this money for the government when you buy something.
n. Abbreviation for Value Added Tax. A consumption tax placed on a product whenever value is added at a stage of production and at final sale.
The price of the laptop includes VAT.
Small business owners must register for VAT once their annual turnover exceeds a specific financial threshold set by the government.
While some essential items like basic groceries are exempt, most luxury goods carry the full standard rate of VAT, significantly affecting the final retail price paid by the consumer.
Usually treated as uncountable when referring to the tax system, but countable when referring to a specific tax payment or bill.
The VATs are increasingVAT is increasingWhen referring to the tax system in general, the word is uncountable and should not be pluralized.