For wealthy individuals purchasing high-value goods and services internationally, understanding the Value Added Tax (VAT) ramifications is essential. Nearly all countries outside the United States impose a VAT, also called Goods and Services Tax (GST) or Consumption Tax (CT). The VAT is a transactional tax and is levied on practically all goods and services. It applies throughout the supply chain on both business-to-business and business-to-consumer transactions, including the importation of goods and services.

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