Business English word of the day: V.A.T.

VAT : TVA

VAT stands for ‘value added tax’. It is the tax that consumers pay when they buy a product or a service. VAT rates can vary according the product or service being sold. In France, a recent law was passed allowing bars and restaurants to reduce their VAT to 5% instead of the regular 19%

In Britain the standard VAT rate is 17.5% There is no VAT on food, children’s clothing and books and magazines (unless it has changed since I moved to France).

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