turnover tax

turnover tax
Britain : a tax on total transactions or gross sales usually applicable to all sales of commodities by manufacturers, wholesalers, and retailers

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turnover tax noun
A tax paid every time goods change hands during manufacture and marketing
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Main Entry:turn

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turnover tax,
1. a tax paid on every sale of a given commodity: »

Far more important are the so-called turnover taxes leveled at every stage of the production process (Wall Street Journal).

2. British. a tax on gross volume of sales.

Useful english dictionary. 2012.

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Look at other dictionaries:

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