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Value-Added Tax 101 – A Far Cry from a Border Tax

Volume 4 No 4    /    Read Article

By Alev Fanny Karaman and Stanley C. Ruchelman

Although the U.S. is the world’s largest economy, it is the only world economy that does not have a national value-added tax (“V.A.T.”), and until the border adjustment tax (“B.A.T.”) proposals were floated, most cross-border tax advisers in the U.S. needed only a vague concept of the workings of a national V.A.T. Fanny Karaman and Stanley C. Ruchelman explain the mechanics of the V.A.T. as enacted in the E.U., cautioning that the B.A.T. is not a V.A.T.    See more →