General Concepts of State and Local Tax Flashcards

1
Q

A use tax

A

tax imposed for the storage, use, or purchase of personal property

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2
Q

A value-added tax

A

is a tax passed on to the consumer and an estimated market value added onto a product or material at each stage of the manufacturing process

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3
Q

The VAT

A

is imposed at each stage of the production process

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