Indirect Tax

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8 Terms

1
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What is an indirect tax?

A tax imposed by the government that increases the supply costs faced by producers, ultimately leading to higher prices for consumers.

2
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What is a specific tax?

A set tax per unit.

3
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What is an ad valorem tax?

A percentage tax, such as 20%.

4
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What is the main UK indirect tax?

VAT (Value Added Tax).

5
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What is the standard rate of VAT in the UK?

20%.

6
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What is the landfill tax per tonne for waste in the UK?

£80 per tonne.

7
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What is the fuel duty in the UK?

58p per litre.

8
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What is the alcohol duty per unit in the UK?

41.5p per unit.