Define indirect tax.
(i) Definition: ____________________________________________________
(ii) Circle the TWO examples of indirect taxes from this list below. (Cir... show full transcript
Worked Solution & Example Answer:Define indirect tax - Leaving Cert Economics - Question 3 - 2006
Step 1
Definition:
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Answer
An indirect tax is defined as a tax on goods and services or spending. Unlike direct taxes, which are imposed directly on personal or corporate income, indirect taxes are usually included in the price of goods and services, making it the consumer's responsibility to pay them at the point of purchase.
Step 2
Circle the TWO examples of indirect taxes from this list below:
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Answer
From the provided list, the two examples of indirect taxes are: Excise Duty and VAT (Value Added Tax). These taxes are levied on specific goods and services, impacting the overall cost consumers pay.
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