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"Cigarettes, Alcohol and Petrol are prime targets for higher rates of indirect taxation".
Member rating: No Rating | Words: | Submitted: Mon Dec 22 2003
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"Cigarettes, Alcohol and Petrol are prime targets for higher rates of indirect taxation" To explain this sentence I first need to explain what indirect taxation is. Indirect taxation is the tax paid to the authorities, directly, by the suppliers of the goods, i.e. the company selling the good, which is then passed on to you the consumer, indirectly, by the way of higher product prices. Indirect tax comes in three main forms, V.A.T, Excise Duty and Tariffs. V.A.T is Value Added Tax. This means a tax that is charged at each stage of production, as a percentage of the value added, to the product, at that stage. Tariffs are duties on goods imported from outside the country. Excise duties are taxes on particular goods, as a single stage tax, imposed on the manufacturer, and these are paid in addition to V.A.T Excise duties are the main form of indirect taxation placed on...
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