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 ?
Some of these reforms might involve improvements to the current retail sales tax.
A VAT would probably be easier to enforce than a national retail sales tax.
This classic example of double taxation became the subject of heated debate between Ontario s manufacturers and the provincial government, and it provided one of the more surprising and more lucrative of Ontario's retail sales tax audit adjustments.
A national retail sales tax would include medical services when the service is consumed in its final form.
This Ontario retail sales tax on insurance premiums is to apply with respect to all new contracts of insurance (including expanded services) or renewals with substantial changes in terms or conditions of payment that came into effect after May 19, 1993.
Moreover, data for twenty-three OECD countries[4] indicate that neither consumption taxes in general, nor a VAT or retail sales tax in particular, have any impact on the rate of saving.
25% retail sales tax for the weekend on purchases of goods costing $2,500 or less, which will provide a welcome relief to consumers and bolster sales at businesses.
Although consumption taxes have their supporters, lawmakers have generally been ambivalent about them, (1) and the blueprint makes clear that it does not propose to add a new consumption tax: "Movement toward a consumption-based system need not involve a shift to an explicit consumption tax, such as a retail sales tax, but instead could result from reforms which exclude certain features of the income tax base.
Local retail sales tax also applies to any and all marijuana sales in the state of Washington.
The legislative committee tossed that system aside, and settled instead on a retail sales tax of 17 percent.
opposition day motion urging the Provincial Government "to find savings and efficiencies within government rather than raise the Retail Sales Tax (known as the Provincial Sales Tax) from 7% to 8%.
We have no general income tax, no retail sales tax and no estate tax The wealthy enjoy nearly the lowest tax burden of anyone in the industrialized world.