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Turnover Tax
A turnover tax is similar to VAT, with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax, typically on an ad valorem basis, applicable to a production process or stage. For example, when manufacturing activity is completed, a tax may be charged on some companies. Sales tax occurs when merchandise has been sold. By country In South Africa, the turnover tax is a simple tax on the gross income of small businesses. Businesses that elect to pay the turnover tax are exempt from VAT. Turnover tax is at a very low rate compared to most taxes but is without any deductions. In the Republic of Ireland, turnover tax was introduced in 1963 and followed by wholesale tax in 1966. Both were replaced in 1972 by VAT, in preparation for Ireland's accession to the European Communities, which prohibited both taxes. See also * Cascade tax * Goods and Services Tax * Gross receipts tax * Sales tax * Turnover tax in the Soviet Union * Value-added tax A valu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indirect Tax
An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST), excise, consumption tax, tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased. Alternatively, if the entity who pays taxes to the tax collecting authority does not suffer a corresponding reduction in income, i.e., impact and tax incidence are not on the same entity meaning that tax can be shifted or passed on, then the tax is indirect. An indirect tax is collected by an intermediary (such as a retail store) from the person (such as the consumer) who pays the tax included in the price of a purchased good. The intermediary later files a tax return and forwards the tax proceeds to government with the return. In this sense, the term indirect tax is contrasted with a direct tax, which is collected directly by government from the persons (legal or natu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ad Valorem
An ''ad valorem'' tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ''ad valorem'' tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff). In some countries, a stamp duty is imposed as an ''ad valorem'' tax. Operation All ad valorem taxes are collected according to the determined value of the taxed item. In the most common application of ad valorem taxes, namely municipal property taxes, public tax assessors regularly assess the property owner's real estate in order to determine its current value. The determined value of the property is used to calculate the annual tax collected by the municipality or any other government entity upon the property owner. Ad valorem taxes are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the certificate (or its ID number) to a seller at the point of purchase, al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Africa
South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countries of Namibia, Botswana, and Zimbabwe; and to the east and northeast by Mozambique and Eswatini. It also completely enclaves the country Lesotho. It is the southernmost country on the mainland of the Old World, and the second-most populous country located entirely south of the equator, after Tanzania. South Africa is a biodiversity hotspot, with unique biomes, plant and animal life. With over 60 million people, the country is the world's 24th-most populous nation and covers an area of . South Africa has three capital cities, with the executive, judicial and legislative branches of government based in Pretoria, Bloemfontein, and Cape Town respectively. The largest city is Johannesburg. About 80% of the population are Black South Afri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Republic Of Ireland
Ireland ( ga, Éire ), also known as the Republic of Ireland (), is a country in north-western Europe consisting of 26 of the 32 counties of the island of Ireland. The capital and largest city is Dublin, on the eastern side of the island. Around 2.1 million of the country's population of 5.13 million people resides in the Greater Dublin Area. The sovereign state shares its only land border with Northern Ireland, which is part of the United Kingdom. It is otherwise surrounded by the Atlantic Ocean, with the Celtic Sea to the south, St George's Channel to the south-east, and the Irish Sea to the east. It is a unitary, parliamentary republic. The legislature, the , consists of a lower house, ; an upper house, ; and an elected President () who serves as the largely ceremonial head of state, but with some important powers and duties. The head of government is the (Prime Minister, literally 'Chief', a title not used in English), who is elected by the Dáil and appointed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irish Statute Book
The Irish Statute Book, also known as the electronic Irish Statute Book (eISB), is a database produced by the Office of the Attorney General of Ireland. It contains copies of Acts of the Oireachtas and statutory instruments.electronic Irish Statute Book (eISB) . Office of the Attorney General from the original by . It also contains a Legislation Directory which includes chronological tables of pre-1922 legislation. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Commissioners
The Revenue Commissioners ( ga, Na Coimisinéirí Ioncaim), commonly called Revenue, is the Irish Government agency responsible for customs, excise, taxation and related matters. Though Revenue can trace itself back to predecessors (with the Act of Union 1800 amalgamating its forerunners with HM Customs and Excise in the United Kingdom), the current organisation was created for the independent Irish Free State on 21 February 1923 by the ''Revenue Commissioners Order, 1923'' which established the Revenue Commissioners to carry out the functions that the Commissioners of Inland Revenue and the Commissioners of Customs and Excise had carried out in the Free State prior to independence. The Revenue Commissioners are responsible to the Minister for Finance. Overview Revenue consists of a chairman and two commissioners, all of whom have the status of secretary general as used in Departments of State. The first commissioners, appointed by the then President of the Executive Council W. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Communities
The European Communities (EC) were three international organizations that were governed by the same set of institutions. These were the European Coal and Steel Community (ECSC), the European Atomic Energy Community (EAEC or Euratom), and the European Economic Community (EEC); the last of which was renamed the ''European Community'' (''EC'') in 1993 by the Maastricht Treaty establishing the European Union. The European Union was established at that time more as a concept rather than an entity, while the Communities remained the actual subjects of international law impersonating the rather abstract Union, becoming at the same time its first pillar. In the popular language, however, the singular ''European Community'' was sometimes inaccurately used interchangeably with the plural phrase, in the sense of referring to all three entities. The European Coal and Steel Community ceased to exist in 2002 when its founding treaty expired. The European Community was merged with the seco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cascade Tax
A cascade tax or cascading tax is a turnover tax that is applied at every stage in the supply chain, without any deduction for the tax paid at earlier stages. Such taxes are distorting in that they create an artificial incentive for vertical integration.G.R. Putland, Critique of the Debits Tax and Turnover Tax, ''Prosper Australia''; retrieved Nov.9, 2009. They have been replaced in Europe and many other locations by a value-added tax A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end .... References Sales taxes {{tax-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross Receipts Tax
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are usually collected and paid to the government by the seller). This is compared to other taxes listed as separate line items on billings, are not directly included in the listed price of the item, and are not a factor in markup or profit on company sales. A gross receipts tax has a pyramid effect that increases the actual taxable percentage as it passes through the product or service lifecycle. Another pyramid effect of the tax comes from the fact that such a tax by definition is levied against itself (in the sense that a business subject to a gross receipts tax will raise its prices to compensate, which in turn increases its gross revenue, which incr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnover Tax In The Soviet Union
The turnover tax (russian: налог с оборота) in the Soviet Union was first introduced during the Soviet tax reform of 1930–1932, soon after the end of the New Economic Policy. It was broadly similar to a value-added tax (VAT), though its specifics were crafted to serve various Soviet economic-planning goals. It was the main overt or explicit tax during much of the Soviet period, providing 104 billion rubles of the total Soviet state incoming revenue of 180 billion rubles in 1940, for example. On June 30, 1975, the USSR Council of Ministers The Council of Ministers of the Union of Soviet Socialist Republics ( rus, Совет министров СССР, r=Sovet Ministrov SSSR, p=sɐˈvʲet mʲɪˈnʲistrəf ɛsɛsɛˈsɛr; sometimes abbreviated to ''Sovmin'' or referred to as the '' ... issued a decree about the turnover tax. ОСТАНОВЛЕНИЕ СОВМИНА СССР ОТ 30.06.1975 N 572 ОБ УТВЕРЖДЕНИИ ПОЛОЖЕНИЯ О НАЛОГЕ С ОБ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value-added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
