Business Dictionary :
VAT, VDU and VDT
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VAT : noun : VALUE ADDED TAX
• The invoice includes VAT at 15%.
• The government is proposing to increase VAT to 17.5%.
• Some items (such as books) are zero-rated for VAT.
• He does not charge VAT because he asks for payment in cash.
VAT Declaration = statement declaring VAT income to the VAT office
VAT Invoicing = sending of an invoice including VAT
VAT Invoice = Invoice which shows VAT separately
VAT Inspector = government official who examines VAT returns and checks that VAT is being paid
VAT Office : government office dealing with the collection of VAT in an area
NOTE : no plural
VAT Man or vatman : noun : VAT inspector
VDU or VDT : VISUAL DISPLAY UNIT or VISUAL DISPLAY TERMINAL
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