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Do you speak VAT? You know, Value Added Tax! Here in the U.S., sales tax is the name of the game, but in most countries around the world, VAT (or GST, IVA, TVA, IPI, ICMS, ISS among other acronyms) is…
Canada’s tax system operates in a very different fashion from the U.S. There are many reasons why taxpayers need to understand these differences and how Canada operates in regard to taxes.
The way that sales tax works in the United States is very different from how Value Added Tax (VAT) works.