Concepts




Value-added tax


Value-added tax (D.211) is a tax on goods or services collected in stages by enterprises and which is ultimately charged in full to the final purchasers. Value-added tax (VAT) comprises the value added tax which is collected by the General government and which is applied to national and imported products.

For the total economy account, VAT is equal to the difference between total invoiced VAT and total deductible VAT.

In the national accounts, taxes are recorded on an accrual basis. The accrual-basis method of recording differs from the cash-basis method of recording in certain respects. Tax amounts recorded on cash basis express the amount accrued on the cash account. Tax amounts recorded on an accrual basis show the amount of tax accruing from the transaction over the period of time when the tax liability was incurred.



Validity of the definition

  • Valid until (31 December 2078)

Source organisation

  • EU

Jaa