OUTPUT VAT Definition

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OUTPUT VAT is VAT on a companys sales. See also VALUE ADDED TAX (VAT).

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SMA see SPECIAL MEMORANDUM ACCOUNT.

RESEARCH & DEVELOPMENT (R&D) is research as a planned activity aimed at discovery of new knowledge with the hope of developing new or improved products and services. Development is the translation of the research findings into a plan or design of new or improved products and services.

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