AND POLICY. . EXE3018 TAXATION ECONOMIC Arrignment 1. Assesstrent A tax effort in a) Dental tax...

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AND POLICY. . EXE3018 TAXATION ECONOMIC Arrignment 1. Assesstrent A tax effort in a) Dental tax 6 Presumption turnover tax 6)

business economics

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Answer 1

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Rental taxes are those wherein the landlord collects tax on group of tenants or tenants for using particular property.

Turnover tax is applicable on total gross sales of commodities sold by manufacturer at production stage in ad valorem basis.

Business tax is the corporate tax rate which is applicable to corporate on their total revenues and is based on their valuation.

Direct taxes usually comprise of income tax, corporate tax, wealth tax and gift taxes and expenditure taxes. Whilst indirect taxes comprise of VAT, Customs, Sales tax, Excise duty, etc which are first applied to firms and then get transferred to end users who pay for the product.

Direct taxes constitute 5% of GDP while indirect taxes constitute 6-6.5% on average.

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