Meaning of VAT in English

VAT

noun

COLLOCATIONS FROM CORPUS

■ NOUN

act

All references to sections and schedules are to the VAT Act 1983 unless otherwise indicated.

increase

The VAT increase was expected to cost consumers some R2,000 million a year.

Everyone has had to pay VAT increases and increased national insurance contributions.

Very recently, however, the VAT increase from 8 percent to 15 percent has made price inflation unusually steep.

However, it argues that VAT increases will be required whichever party is in power if public borrowing is to be reduced.

He said the extra help would be given from April next year, shortly before the VAT increase is imposed.

This could cost up to £1 billion, defeating much of the purpose of the VAT increase as a revenue-earning measure.

number

But Customs have agreed that the requirement to obtain overseas customers' VAT numbers need not be implemented until 1 July 1993.

The survey said that fewer than 40% of companies had collected the VAT numbers from fewer than half of their customers.

purpose

For VAT purposes , a company is treated as a person.

A business can apply to register for VAT purposes even if the value of its taxable supplies is below the limit.

The distinction between capital and revenue is generally irrelevant for VAT purposes .

If all the goods and services which the business supplies are exempt, then the business can not register for VAT purposes .

rate

It was interesting to read in the Daily Express about Labour's plan for a luxury VAT rate .

The VAT rate to be applied to works of art is also a matter of debate.

This VAT rate increase would raise about 10,000 million, amounting to well over 10% of our 30% standard rate of tax.

registration

Mr Major also raised the threshold for VAT registration by £1,800, to £24,500, and simplified registration requirements.

It is not usually advisable for Newco to adopt the vendor's VAT registration number.

Firstly, the VAT registration threshold is to be increased from £36,600 to £37,600.

David reminds us that the threshold for VAT registration is raised from £25,000 per year turnover to £35,000.

For that reason we ask you herewith to supply your VAT registration number.

return

Timing differences in the recording of transactions may mean that VAT return statistics and the more detailed Intrastats do not agree.

EXAMPLES FROM CORPUS

A pensioner will become eligible to pay VAT on any income above £57.15 per week.

Consider the differential treatment of capital allowances, stamp duty, corporation tax and VAT .

How much VAT must you pay?

If not possible, however, a tenant should try to avoid paying VAT on the contribution.

The Chairman emphasized that VAT is a very serious problem which is being tackled with vigour.

They tell readers nothing about the arguments in favour of the extension of VAT .

Though schools could reclaim VAT , universities and students could not, nor could parents buying books for children.

Longman DOCE5 Extras English vocabulary.      Дополнительный английский словарь Longman DOCE5.