增值税
[zēng zhí shuì]
Definition:
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And if the inflation blip is as one-off and temporary as the Bank and Treasury claim, so too could be the VAT cut.
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VAT fraud, in which tax is charged as part of a transaction but not surrendered to any government, has long been a problem in the market.
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The report criticises member states' attempts to combat fraud with a "reverse charge" mechanism, which turns VAT into a form of sales tax.
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with a 40% tariff and a 17% value-added tax on US fruit, its price will be at least five times that of local varieties.
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Last month, by contrast, VAT remained at 15%, petrol prices stayed put and retailers discounted much less than a year earlier.
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But some other conservatives, more deficit-hawkish and less tax-focused, see a VAT as one of the less unpalatable of a menu of bad options.