In brief, VAT is applied to the sale price charged for goods or services at every point in the supply chain. A business has to account to the government for the VAT due on its income, but it can usually claim a credit for the VAT that it incurs on the cost of materials and other taxable costs.
KPMG’s International Indirect Tax team includes professionals who have hands-on experience working in VAT regimes across many different countries in Europe, Latin America and Asia Pacific. They have worked with companies in all sectors and use this significant experience to help clients identify and manage their VAT risks and compliance costs while identifying opportunities for cash flow benefits and potential savings. By teaming with the KPMG global network, we can also assist with VAT compliance requirements.