Standard Rate

Standard Rate
The rate of value added tax (VAT) applied to all goods and services sold by taxable persons that are not exempt, zero-rated, or subject to a special rate. For the 2016-17 tax year, the standard rate was 20%. It is also the marginal tax rate for most taxpayers.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.