Value-added Taxes
Value-added taxes (VAT) are a type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. In the maritime context, VAT is applied to goods and services that are purchased or consumed within a country's territorial waters or ports. VAT is typically included in the price of goods and services, and is collected by the seller or service provider on behalf of the government. VAT can vary by country and can have a significant impact on the cost of goods and services for maritime businesses and consumers.
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