A duty or tax levied on certain goods consumed within a country, such as alcoholic drinks and tobacco products, unlike customs duty which is levied on imports.
Indirect taxes encompass a range of levies imposed on goods and services rather than income or profits, ultimately paid by consumers through higher prices.
Sales tax is a consumption tax imposed by governments on the sale of goods and services, typically calculated as a percentage of the selling price. It is paid by the consumer at the point of purchase and collected by the retailer, who then remits it to the government.
Value Added Tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution and is ultimately borne by the end consumer.
Value-Added Tax (VAT) is a consumption tax imposed at each step of the production process, calculated as the difference between the purchase cost of an asset to the taxpayer and its resale price. It is a key source of tax revenue in many European countries.
