A tax that is levied on the total value of goods and services produced in a country is a:

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AIncome tax

BProperty tax

CConsumption tax.

DCorporate tax

Answer:

Consumption tax is levied on spending on goods and services, such as sales tax or VAT.

Related Questions:

Consider the following statements regarding the ‘Progressive taxation’:

I.Progressive taxation method has increasing rates of tax for increasing value or volume on which the tax is being imposed.

II.Progressive taxation method has increasing rates of tax for decreasing value or volume on which the tax is being imposed.

III. The idea of Progressive taxation is less tax on the people who earn less and higher tax on the people who earn more.

Which of the following statement(s) is/are correct?