A concept that has become of particular importance since the introduction of value added tax; it refers to the value of the improvement made to goods or services at any particular and separate stage in their production, i.e. it is the difference between the price of a product or service taken in as the basis for improvement and the price at which the improved or finished product or service is sold either to the next operative in line or to the consumer. The term is synonymous with value added.
Reference: The Penguin Business Dictionary, 3rd edt.
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