VAT Stands for Value-Added Tax, which is a tax imposed on the supply of goods and services by a vendor in the furtherance of their enterprises (subject to certain exemptions). The rate of VAT currently charged is 14% 

Vendor Any person who is, or is required to be, registered for VAT purposes (Section 1)

Vertical division The division of revenue between spheres of government.

Vertical equity A doctrine in taxation that holds that differently situated taxpayers should be treated differently in terms of income tax provisions - i.e. taxpayers with more income and/or capital should pay more tax.