Value-added Tax
Value-added tax (VAT) is a consumption tax that is added to the price of goods and services. It is a tax on the value added to a product or service at each stage of production or distribution. In the maritime context, VAT is applicable to goods and services provided by the shipping industry, such as freight charges, port services, and ship repairs. VAT is usually charged by the country where the goods or services are consumed, which can create complexities for international shipping. However, many countries offer exemptions or reduced rates for certain maritime activities, such as international transport. VAT is an important source of revenue for governments and can have a significant impact on the cost of doing business in the maritime industry.
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