Accounting Z

Select topic from the list on the left. Should you not find what you are looking for, please feel free to send us a message and we will try to find it for you.

Zero-rated (VAT)

Goods or services included in the value-added tax system, with a value-added tax (VAT) rate of zero. Firms can reclaim VAT on inputs to zero-rated goods. These are distinguished from VAT-exempt goods and services which are outside the VAT system, so that VAT on inputs cannot be reclaimed.

Reference: Oxford Press Dictonary of Economics, 5th edt.