VAT
Value Added Tax (or VAT) is an indirect tax, also referred as a type of general consumption tax, imposed on most supplies of goods and services that are bought and sold.VAT is one of the most common types of consumption tax found around the world. Over 150 countries have implemented VAT (or its equivalent, Goods and Services Tax), including all 29 European Union (EU) members, Canada,New Zealand, Australia, Singapore and Malaysia. VAT is charged at each step of the ‘supply chain’. Ultimate consumers generally bear the VAT cost while Businesses collect and account for the tax, in a way acting