From virðisauka (“of value added, of added value”), the genitive of virðisauki (“value added, added value”) + skattur (“a tax”). Literally "value-added tax" or "tax of added value".
virðisaukaskattur m (genitive singular virðisaukaskatts, uncountable) (abbreviation: VASK or VSK)
- (taxation) VAT, value-added tax
Related terms