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Sales tax and Value-added tax

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Sales tax and Value-added tax

Sales tax vs. Value-added tax

A sales tax is a tax paid to a governing body for the sales of certain goods and services. 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, based on the increase in value of a product or service at each stage of production or distribution.

Similarities between Sales tax and Value-added tax

Sales tax and Value-added tax have 14 things in common (in Unionpedia): Consumption tax, Excise, Goods and services tax (Australia), Goods and services tax (Canada), Gross receipts tax, Harmonized sales tax, Indirect tax, OECD, Regressive tax, Sales taxes in the United States, Tax, Turnover tax, Use tax, Value-added tax.

Consumption tax

A consumption tax is a tax levied on consumption spending on goods and services.

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Excise

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Goods and services tax (Australia)

The goods and services tax (GST) in Australia is a value added tax of 10% on most goods and services sales, with some exemptions (such as for certain food, healthcare and housing items) and concessions (including qualifying long term accommodation which is taxed at an effective rate of 5.5%).

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Goods and services tax (Canada)

The Goods and Services Tax (GST) (taxe sur les produits et services, TPS) is a multi-level value added tax introduced in Canada on January 1, 1991, by then-Prime Minister Brian Mulroney and his finance minister Michael Wilson.

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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.

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Harmonized sales tax

The harmonized sales tax (HST) is a consumption tax in Canada.

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Indirect tax

An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST)) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).

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OECD

The Organisation for Economic Co-operation and Development (OECD; Organisation de coopération et de développement économiques, OCDE) is an intergovernmental economic organisation with 35 member countries, founded in 1961 to stimulate economic progress and world trade.

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Regressive tax

A regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.

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Sales taxes in the United States

Sales taxes in the United States are taxes placed on the sale or lease of goods and services in the United States.

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Tax

A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.

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Turnover tax

A turnover tax is similar to VAT, with the difference that it taxes intermediate and possibly capital goods.

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Use tax

A use tax is a type of tax levied in the United States by numerous state governments.

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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, based on the increase in value of a product or service at each stage of production or distribution.

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The list above answers the following questions

Sales tax and Value-added tax Comparison

Sales tax has 56 relations, while Value-added tax has 111. As they have in common 14, the Jaccard index is 8.38% = 14 / (56 + 111).

References

This article shows the relationship between Sales tax and Value-added tax. To access each article from which the information was extracted, please visit:

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