A turnover tax is similar to a
sales taxor a VAT, with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax, typically on an ad valorembasis, applicable to a production process or stage. For example, when manufacturing activity is completed, a tax may be charged on some companies. Sales tax occurs when merchandise has been sold.
A different meaning of Turnover Tax:The turnover tax is a
sales taxused in planned economiesto fund the jurisdictionand control demandfor some product. The central authority in a command economy leaves the supplier a profit deemed to be fair, and takes the rest as a turnover task (i.e., money turned over to the government.) If the cost of productionexceeds the market price, a negative turnover tax (a subsidy) may be used.
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