Definitions for indirect tax
in·di·rect tax

Princeton's WordNetRate this definition:0.0 / 0 votes

1. indirect taxnoun

   a tax levied on goods or services rather than on persons or organizations

ChatGPTRate this definition:0.0 / 0 votes

1. indirect tax

   Indirect tax is a type of tax that is levied on goods or services rather than on individuals or companies. It is usually paid by the consumer at the point of purchase, though it is collected and sent to the government by the producer or retailer. Examples of indirect taxes include Value Added Tax (VAT), sales tax, and excise or sin taxes (taxes on items like alcohol and tobacco). The cost of these taxes is often hidden in the price of the product or service. Unlike direct taxes, such as income tax, indirect taxes are the same amount for everyone and not based on the ability to pay.

WikidataRate this definition:0.0 / 0 votes

1. Indirect tax

   The term indirect tax has more than one meaning. In the colloquial sense, an indirect tax is a tax collected by an intermediary from the person who bears the ultimate economic burden of the tax. 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 on which it is imposed. Some commentators have argued that "a direct tax is one that cannot be shifted by the taxpayer to someone else, whereas an indirect tax can be." An indirect tax may increase the price of a good so that consumers are actually paying the tax by paying more for the products. Examples would be fuel, liquor, and cigarette taxes. An excise duty on motor cars is paid in the first instance by the manufacturer of the cars; ultimately the manufacturer transfers the burden of this duty to the buyer of the car in form of a higher price. Thus, an indirect tax is such which can be shifted or passed on. The degree to which the burden of a tax is shifted determines whether a tax is primarily direct or primarily indirect. This is a function of the relative elasticity of the supply and demand of the goods or services being taxed. Under this definition, even income taxes may be indirect.

Matched Categories

1. • Tax

How to pronounce indirect tax?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say indirect tax in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of indirect tax in Chaldean Numerology is: 8

2. Pythagorean Numerology

   The numerical value of indirect tax in Pythagorean Numerology is: 1

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=indirect tax
2. ^ ChatGPT
   https://chat.openai.com
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=indirect tax