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.
In California, nonprofits pay the same sales taxes as everyone else.
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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.
The fiscal 2005 undesignated general fund balance represented nearly 50% of expenditures and transfers out, as the city recognizes the economic sensitivity of sales taxes, its largest operating revenue source.
com, "For years we've had taxpayers come to us, wanting to use our fast and easy service to file their sales taxes, only to have the state tell them they weren't eligible.
Sales taxes comprise the majority of general fund revenues and transfers in (66% in fiscal 2004), followed by property taxes (9%).
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Sales taxes in fiscal 2004 increased nearly 20% from the prior year to $9.
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Ohio vendors are reminded to separate or otherwise identify in their records any sales made to persons using the debit cards on which no sales taxes were charged.