Define tax distinguish between direct and indirect tax give examples
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Tax-A sum of money demanded by government for its support or for specific facilities or services,levied upon incomes,property,sales,etc.
direct tax-A government levied on income,property,or wealth of people or companies.A direct tax is borne entirely by the entity that pays it,and cannot be passed on to another entity.
Examples are corporation tax,income tax and social security contributions.
Indirect tax-Customs duties levied on imports,excise duties on production,sales tax or value added tax (VAT) at some state in production distribution process are examples of indirect taxes because they are not levied directly on the income of the consumer or earner.
Examples are such as sales tax,per unit tax,value added tax (VAT) or goods and services tax(GST).
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direct tax-A government levied on income,property,or wealth of people or companies.A direct tax is borne entirely by the entity that pays it,and cannot be passed on to another entity.
Examples are corporation tax,income tax and social security contributions.
Indirect tax-Customs duties levied on imports,excise duties on production,sales tax or value added tax (VAT) at some state in production distribution process are examples of indirect taxes because they are not levied directly on the income of the consumer or earner.
Examples are such as sales tax,per unit tax,value added tax (VAT) or goods and services tax(GST).
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