Wiktionary
n. A tax levy#English on the added value that results from the exchange of goods and services.
Wikipedia
Value Added Tax (VAT) is an indirect tax levied on the value creation or addition. Concept of VAT in Nepal was introduced in FY 2049/50 but the act was developed in BS 2050. VAT was implemented in 1998 and is the major source of government's revenue. It is administered by Inland Revenue Department of Nepal.
Usage examples of "value added tax".
Customs and Excise duty, value added tax and income tax paid by the shopkeeper meant that three-quarters of the selling price of every standard bottle of whisky went in one way or another to the inland revenue.
On the other hand, one of his tax-loss enterprises had been a woollen mill and tweed-making factory and tweed-making was subject to Value Added Tax.
A series of terrible screams from the room which contained the Value Added Tax records sent him scurrying through to find an officer of the Customs and Excise VAT department trying to extricate his fingers from the drawer of a filing cabinet which Lockhart had slammed shut just as he was reaching for a file.
His recent experiences had left him with no ill effects other than a profitable tendency to think at right angles to everyone else, and he sat wreathed in smiles while his mind constructed tariff rates, docking fees and a complex system of value added tax which would shortly give the merchant venturers of Ankh-Morpork a nasty shock.