Answered: Define Taxation What is Income tax What…

Define Taxation What is Income tax What is a value-added tax What is Sales tax What is an excise tax What is a business tax What is corporate tax

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Define Taxation
What is Income tax
What is a value-added tax
What is Sales tax
What is an excise tax
What is a business tax
What is corporate tax

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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