IMPOSTA VALORE AGGIUNTO TAX Definition

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IMPOSTA VALORE AGGIUNTO TAX (IVA TAX), in Italy, like most other European countries, Italy imposes a value added tax (VAT) on most goods and services purchased in the country. In Italy, the value added tax is known as the Imposta sul Valore Aggiunto or IVA. This tax is normally included or built into the price of most goods and services. The general rate of tax is 19% of the sale price.

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PRACTICAL CAPACITY is where the cost of production is based on the practical capacity of production facilities. Therefore, the proportion of overheads allocated to a unit of production is not to be increased as consequence of idle capacity of the plant.

SAMPLING RISK is the possibility that conclusions drawn from the sample may not represent correct conclusions for the entire population.

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