VAT doesn't exist in the US (and sales tax, which we do have, is more like 5-10% of sale cost), so are you talking about something specific to tech companies in Germany or the UK or something?
Not that everything has to be about the US, but it's weird to make a claim about the tech market as a whole that doesn't apply to its biggest single region.
Not that everything has to be about the US, but it's weird to make a claim about the tech market as a whole that doesn't apply to its biggest single region.