What Is VAT?
Value Added Tax — a consumption tax added to goods and services.
Definition
VAT (Value Added Tax) is a consumption tax applied at each stage of the supply chain and ultimately paid by the end consumer. Standard VAT rates in EU countries range from 17% to 27%. Reduced rates apply to certain goods like food, books and medicines. VAT is included in final prices in most European countries.
Related calculators
Use these tools to work with vat in your planning.
VAT Calculator
Add or remove VAT from a price using the standard rate or a custom percentage.
Open VAT CalculatorOther glossary terms
Gross Salary
Your salary before taxes and deductions are removed.
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Your salary after all taxes and deductions are removed — the amount you actually receive.
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A tax paid on earned income, deducted from your salary or paid on profit.
Read definitionSocial Security
Compulsory contributions paid by employees and employers to fund public welfare programmes.
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