Legal Compliance Terminology

noun a large container, typically made of metal or plastic, used for holding liquids such as water, chemicals, or food

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• The company is required to pay the VAT on all sales transactions.
• Don't forget to add the VAT when calculating the total cost.
• I can't believe how much VAT they charge on these products!
• The VAT on his emotions seemed to be increasing as the conversation went on.

verb to protect or separate something by creating a barrier or restriction around it

• The company decided to ringfence their profits to ensure they could cover any unexpected expenses.
• Let's ringfence some money for our vacation so we don't overspend.
• I'm going to ringfence my savings for that new gaming console.
• The government promised to ringfence funding for education, but it often gets reallocated elsewhere.