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shay
Apprentice
Joined: 07 May 2005
Posts: 14
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 Posted: 08/12/07 - 07:22 Post subject: |
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| I always wondered what the sales tax is actually. We every day cope with purchasing and saving and we constantly pay taxes for almost every little thing in life that Im intrigued to find out more about sales taxes. Is sales tax included in price of a product or is it added and whats its impact on consumers? |
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emmy
Apprentice
Joined: 03 Oct 2005
Posts: 17
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| Posted: 09/28/07 - 22:43 Post subject: |
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| Sales tax is a consumption tax charged for goods and services and it is set as percentage and also can be included in price (tax inclusive) or added at the point of sale (tax exclusive). This tax is easy to calculate and simply to collect and can be charged only once for an item. Vat is very similar to the sales tax and they are of regressive kind of taxes which means that affect low income consumers more than those with high incomes. |
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