Value Added Tax (VAT) is a tax on consumption and it applies to almost all goods and services. As most of the management of the companies might be aware of the fact that as part of diversifying the economy and revenue generation,
VAT is one of the most common types of consumption tax found around the world. Over 150 countries have implemented VAT (or its equivalent, Goods and Services Tax), including all 29 European Union (EU) members, Canada, New Zealand, Australia, Singapore and Malaysia.
