Value-Added Tax (VAT)

Procurement glossary

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What is Value-Added Tax (VAT)?

A consumption tax applied at each stage of the supply chain when a product or service increases in value. The end consumer ultimately bears the cost of the tax, while businesses collect it and pay it to the government. It’s widely used in the European Union, the United Kingdom, and many other countries around the world.

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Value-Added Tax (VAT)

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