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Established in 1974

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Added Value

 

The value added to materials by the process of production. It is calculated by deduction from the sales value (gross output), of the cost of materials, fuel, etc. used in the production process. The value added on net output is the fund out of which salaries, wages, depreciation, sales and similar expenses, rent, royalties etc. are paid and also includes profit. See also VALUE ADDED TAX.

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