VAT Definition

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VAT see VALUE ADDED TAX.

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NONREFUNDABLE BOND is a bond issue that cannot be redeemed for a stated period of time using the proceeds from a new, lower-cost issue to finance the refunding. The bond can still be called without a refunding, but the company must use internal capital or equity funds to retire the issue. This provides some protection to the bondholder if interest rates decline significantly.

BAD DEBT is an open account balance or loan receivable that has proven to be uncollectible and is written off.

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