Fortification. 1  a broad elevation or mound of earth raised as a fortification around a place and usually capped with a stone or earth parapet. 2  such an elevation together with the parapet.
A value-added tax (VAT) is a consumption tax levied on products at every point of sale where value has been added, starting from raw materials and going all the way to final retail purchase by a consumer. Ultimately, the consumer pays VAT; buyers earlier in the chain of production receive reimbursements for previous VAT taxes paid.
Definition of VAT in the Financial Dictionary - by Free online English dictionary and encyclopedia. What is VAT? Meaning of VAT as a finance term. What does VAT mean in finance?