From Longman Business Dictionaryinput taxˈinput tax [uncountable]TAX tax added to a buyer’s bill when buying particular goods or services. At regular periods of time the buyer adds up the input tax from all their bills and takes the total away from the tax they have charged buyers of their products or services to arrive at a final value-added tax figure which they must pay to the governmentRegistered VAT payers have to present a three-monthly return on which all output tax and input tax is declared for the period and the net tax paid. → tax
