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- A turnover tax is similar to VAT, with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax, typically on an ad valorem basis, 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.
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"turnover tax." Anagrams.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.anagrams.net/turnover%20tax>.
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