(VAT) - a form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.

Related Terms

FLAG OF CONVENIENCE

Flags of nations which offer favorable tax structures and regulations. Ships registering under the laws of these nations are not always required to establish their home location in that country.

DUTY

A government tax on imported merchandise

CUSTOMS

A duty or tax on imported goods. The U.S. Customs Department also works to prevent the importation of illegal drugs and contraband.

CUSTODY TRANSFER

All Purchases, Sales and Exchanges involving third parties, or separate affiliated companies. Transfers using third party transportation.Transfers between business functions within an affiliate when there are legal, tax or significant product loss considerations.

FLAGS OF CONVENIENCE

The registration of ships in a country that offer favourable tax structures and regulations; also the flag representing the nation under whose jurisdiction a ship is registered. Ships are always registered under the laws of one nation but are not always required to establish their home location in that country. FOC states often offer low tax rates and their requirements concerning manning or maintenance are not stringent. The term always denotes registration of vessels in foreign nations.

FOREIGN SALES CORPORATION

Under U.S. tax law, a corporation created to obtain tax exemption on part of the earnings of U.S. products in foreign markets.Must be setup as a foreign corporation with an Office outside the USA.

VAT

Value Added Tax - A form of indirect sales tax paid on products and services at each stage of production or distribution, based on the value added at that stage and included in the cost to the ultimate customer.

FLASH POINT

The lowest temperature at which a liquid gives off sufficient vapor to form a flammable mixture with air near the surface of the liquid. The flashpoint temperature is determined by laboratory testing in a prescribed apparatus.

Establishes the danger point when transferring, pumping, and firing procedures are concerned.

PLEATED CARTRIDGE

A filter cartridge made into a convoluted form that resembles the folds of an accordion.

PLASMA TORCH

A torch in which temperatures as high as 50,000 C are achieved by injecting a plasma gas tangentially into an electric arc formed between electrodes in a chamber; the resulting vortex of hot gases emerges at very high speed through a hole in the negative electrode, to form a jet for welding, spraying of molten metal, and cutting of hard rock or hard metals.

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