deductible VAT

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Tags: taxation

Deductible value added tax (VAT) is the VAT payable on purchases of goods or services intended for intermediate consumption, gross fixed capital formation or for resale which a producer is permitted to deduct from his own VAT liability to the government in respect of VAT invoiced to his customers.
(source: http://stats.oecd.org/glossary/detail.asp?ID=568)

Synonyms:
input VAT
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