The president has initiated a process to establish reciprocal tariffs for all, but plans to apply them specifically to target any perceived fiscal, regulatory or commercial barrier
  • bstix@feddit.dkEnglish
    3·
    2 days ago

    The difference is only in how it is collected. Sales tax is only applied in the final sales, whereas VAT is applied at every step.

    • GissaMittJobb@lemmy.mlEnglish
      4·
      1 day ago

      Collected and subsequently reimbursed, such that VAT is only in effect being paid at the point of the final sale.

      This is not entirely accurate but it’s accurate enough to be useful for this conversation