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I run a business that deals with both domestic and international markets. How does VAT compare to sales tax in terms of compliance and cost for businesses?
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VAT often requires more extensive record-keeping since it’s applied at every stage of the supply chain, whereas sales tax compliance is typically simpler but only applies at the end of the transaction. The impact on costs can vary depending on your operations and markets. To explore these differences in depth, take a look at VAT vs sales tax for businesses. This article dives into the compliance requirements and the financial implications of both tax systems.
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