Nearly all countries outside the United States impose a Value Added Tax (VAT), also called Goods and Services Tax (GST) or Consumption Tax (CT).

VAT is a transactional tax and is levied on practically all goods and services. Goods generally refer to tangibles. Services refers to to intangibles or, more broadly, anything that is not deemed to be a good. VAT applies throughout the supply chain on both business-to-business and business-to-consumer transactions, including the importation of goods and services and intercompany supplies.

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