Meaning: It stands for "value added tax". It is a tax that everybody has to pay for goods and services.
Shop assistant: It's 121 euros, sir.
Customer: Here it says "100 euros".
Shop assistant: Yes, but VAT is not included in the price, and has to be paid.
Customer: 21% VAT is a rip-off! It should not exceed ten percent. As a matter of fact, I think VAT should not even exist. It is the result of the privatisation of state-owned companies.
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