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Definition 2024

virðisaukaskattur

virðisaukaskattur

Icelandic

Noun

virðisaukaskattur m ‎(genitive singular virðisaukaskatts, no plural) (abbreviation: VASK or VSK)

  1. (taxation) VAT, value-added tax

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Etymology

From virðisauka ‎(“of value added, of added value”), the genitive of virðisauki ‎(“value added, added value”) + skattur ‎(“a tax”). Literally "value-added tax" or "tax of added value".

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