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The GCT is a value added tax, it is applied on the value added to goods at each stage of the production/distribution chain, It is applied to both imported and locally bought goods, GCT has consolidated several taxed such as stamp duty and excise duty.
sales tax
A sales tax is a consumption tax, usually paid by the consumer at the point of purchase. For A+ answer is regressive
features of philippine income tax
a general sales tax
The GCT is a value added tax, it is applied on the value added to goods at each stage of the production/distribution chain, It is applied to both imported and locally bought goods, GCT has consolidated several taxed such as stamp duty and excise duty.
This depends on what type of tax it is, lump sum or marginal.Lump sum: a lump sum consumption tax would not affect the general level or composition of consumption because fixed quantities do not affect optimal consumption-savings decisions.Marginal tax: if the marginal tax increased (i.e.) a general sales tax increase), it would decrease overall consumption because the tax would be an increase in the cost of consuming, and thus encourage the consumer to save more money and consume less.
An example of a tax on consumption would be a sales tax. A sales tax is a tax paid for the sales of goods and services. A consumption tax, it is a tax on something used or "consumed." A sales tax is a good example. Europe has a value added tax which is the same idea.
An example of a tax on consumption would be a sales tax. A sales tax is a tax paid for the sales of goods and services. A consumption tax, it is a tax on something used or "consumed." A sales tax is a good example. Europe has a value added tax which is the same idea.
sales tax
sales tax
A consumption tax is a tax on spending on goods and services. For example, if a retailer buys a shirt for $20 and sells it for $30, this tax would apply to the $10.
The GCT stands for the General Consumption Tax. This applies to all businesses who consume business products such as insurance packages.
A value-added tax (VAT) is a form of consumption tax.
A sales tax is a consumption tax, usually paid by the consumer at the point of purchase. For A+ answer is regressive
consumption
The type of tax paid by the consumer when a product is purchased is typically a sales tax. This tax is added to the total cost of the product at the point of sale and collected by the seller on behalf of the government.