Sales tax

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Sales tax

A percentage tax on the selling price of goods and services.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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).

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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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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.
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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.
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%.
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.'s third-party sales ( doubled in 2016, but many of those sellers, who use the online retailer's ( Fulfillment by Amazon service, may be liable for $1.9 billion in missed sales tax payments in 2016 as a result of Amazon's growing inventory storage infrastructure.