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 ?
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.
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.
Pakistan Bar Council Executive Committee Chairman Hafiz Idrees said that 16% sales tax will be levied on litigants.
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.
In the United States, state and local sales taxes on automobiles are collected where the vehicle is registered, not where it is sold.
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.
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'.
Supreme Courts decision that forces local businesses to collect sales taxes on behalf of other states when their residents purchase goods and services onlineeven when those businesses are located in states that dont have sales taxes.
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.
Amazon.com's third-party sales (http://www.reuters.com/article/us-amazon-com-sellers-idUSKBN14O137) doubled in 2016, but many of those sellers, who use the online retailer's (https://services.amazon.com/fulfillment-by-amazon/benefits.htm) 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.