Most 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 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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