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

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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References in periodicals archive

Answering a question on the clearance of past liabilities, the chief said that government has already introduced the concept of bonds to clear past sales tax refund liabilities.

Sales tax refunds for exporters to be paid within 72 hours, claims FBR

It is further clarified that buyer is not required to provide his NIC in case of purchases from a person not registered for sales tax.

Sales tax to be recovered only if supplier is registered

Pakistan Bar Council Executive Committee Chairman Hafiz Idrees said that 16% sales tax will be levied on litigants.

IBC says cost of access to justice to exacerbate

But sales tax collections for online vendors haven't been strictly enforced in New York, except for the largest sellers, such as Amazon and other companies that had a connection to in-state sellers.

Online sellers adjusting to sales tax ruling

In the United States, state and local sales taxes on automobiles are collected where the vehicle is registered, not where it is sold.

Can 'Forward Guidance' Work for Fiscal Policy?

Robinson said the online sales tax collections will become mandatory when the state has a centralized software system that can charge out-of-state website retailers the 4.45 percent state sales tax rate and the varying local sales tax rates based on where the purchaser lives.

Louisiana 'months away' from mandatory online sales tax

Under a separate order named the Sales Tax (Imposition of Sales Tax in respect of Special Area) Order 2018, sales tax will also be charged on the importation of 'wine, spirit, beer, malt liquor, tobacco and tobacco products into Tasik Kenyir Duty Free Area'.

Guess what will still be taxed under SST in Malaysia's duty-free islands?

The sources said that Sukh Chen Club might be sealed for non-payment of its sales tax for the period of more than seven months.

PRA serves notices to recover millions of rupees tax

The proposal argued that prevailing rate of Sales Tax @ 17% in Pakistan is too high out of which its major part is refunded or adjusted and net tax in the kitty of government comes to around 5% to 6%.

HST rates, procedure mother of all ills: FPCCI

The proposal argued that prevailing rate of Sales Tax @ 17 percent in Pakistan is too high out of which its major part is refunded or adjusted and net tax in the kitty of government comes to around 5 to 6 percent.

High sales tax rates causing inflation, promoting smuggling: FPCCI