Sales tax

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Sales tax

A percentage tax on the selling price of goods and services.

Sales Tax

A tax imposed on the sale of retail goods and services. That is, the government collects a certain percentage of the sale price on transactions where goods and services are traded at the retail level. While the retailers are responsible for paying the sales tax, most of the time they simply pass on the cost to customers. For example, if an item costs $10 and there is a 5% sales tax, the retailer will charge the customer $10.50. Proponents of sales taxes argue that they reward those who spend less and, therefore, do not punish those who earn more. Critics argue that sales taxes harm the poor disproportionately and can drive business to other jurisdictions. See also: VAT, Regressive tax.

Sales tax.

A sales tax is a tax imposed by state and local governments on transactions that occur within their jurisdictions.

The taxing authority determines which transactions are subject to tax and the flat rate at which the tax is calculated. Some countries, though not the United States, impose a national sales tax often called a value added tax (VAT).

sales tax

or

turnover tax

a form of INDIRECT TAX that is incorporated into the selling price of a product and is borne by the consumer. Sales taxes include VALUE-ADDED TAX and EXCISE DUTY.
References in periodicals archive ?
If the building owner collected such sales taxes and filed them with New York State, tenants may be owed refunds that they can collect from the State.
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In California, nonprofits pay the same sales taxes as everyone else.
Every business, including all self-employed workers, will still be subject to audits to ensure that the necessary sales taxes have been paid on their production.
In addition, counties added 116 new sales taxes and had 142 rate changes.
That is why there have been 209 changes and 65 new sales taxes at the city level during the first half of '92," said Riewe.
The ITFA will enable the Internet to continue to grow without the threat of multiple and discriminatory sales taxes.
The excise taxes pledged to pay debt service on the bonds include transaction privilege (sales) taxes, state-shared revenues (consisting of state-shared sales taxes and state revenue sharing), franchise taxes, permits and fees, and fines and forfeitures.
Despite significant expansion of the area's retail base, sales taxes attributable to Dell (senior unsecured debt rated 'A' with a Negative Watch by Fitch) have kept pace or, in some years, outpaced area sales tax growth and still represent a significant share of total Corp.
The HST, a composite of sales taxes levied in Nova Scotia, New Brunswick, Newfoundland and Labrador, dropped from 15 percent to 14 percent on July 1.
Strong debt service coverage of more than 7 times (x) and no prospective plans to further leverage the pledged revenue stream somewhat mitigate any concern over the susceptibility of sales taxes to economic fluctuations.