• Source: 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 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




References

Kata Kunci Pencarian:

• Rasio keuangan
• Kamala Harris
• Patagonia, Inc.
• Turnover tax
• Turnover tax in the Soviet Union
• Sales tax
• Turnover
• List of countries by tax rates
• European Union value added tax
• Value added tax (Switzerland)
• Cascade tax
• Taxation in Zambia
• Taxation in South Africa