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The Phrase

Phrase: VAT

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.

Date: 08-03-2018

Subject: Abbreviations

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