VAT Modern Tax (IMF)

VAT is a modern tax published by IMF. “…as of 2018, over 160 countries have a VAT. Some countries refer to the tax as General Sales Tax (GST) or Goods and Services Tax (GST). VAT is a broad-based tax on the consumption of goods and services. The tax liability arises at transactions taking place at each stage of the production process, irrespective of the use of the good or service…”

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