Consumption tax

Tax Glossary Definition

Consumption tax

Consumption Tax – A consumption tax is a charge applied to the purchase or utilization of goods and services, usually collected at the point of sale. It is calculated as a percentage of the transaction value, with the ultimate burden falling on the final consumer.

Example: Taxes such as Value Added Tax (VAT) and Goods and Services Tax (GST) represent common types of consumption taxes levied on most consumer purchases.

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