Tax Glossary IGTax
There are currently 3 names in this directory beginning with the letter V.
V
VALUE ADDED TAX (VAT)
Generic term for a tax levied on a product at each stage of its manufacture or processing based on the increase in value attributable to the particular process. It is similar to a sales tax, but is paid at each stage of production and marketing and is incorporated into the final purchase price rather than added on at the time of sale. Used in many other countries, but not in the United States
VEHICLE LICENSE FEE
The vehicle license fee (VLF) is an annual fee on all vehicles registered in California. The VLF currently is levied, in lieu of a personal property tax on the vehicle, at a rate of .65 percent of the depreciated market value of the vehicle.