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2 July, 06:41

Select the tax that matches each of the following descriptions regarding the nature and purpose of the tax.

Part A

a. a tax is based on the right to do business in the state

b. a tax is based on the importation of a certain foreign goods.

c. a tax is applicable to trades or businesses, serving as a license.

d. a tax is based on the notion of a state's interest in its natural resources.

e. a tax is imposed on the export of certain commodities.

Part B

1. franchise taxes2. customs duties3. occupational fees4. severance taxes5. export duties

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Answers (1)
  1. 2 July, 10:17
    0
    There are various terms which are explained below:

    a. Franchise taxes: The franchise tax is the tax that is imposed while doing the same business in different states.

    b. Custom duties: The customs duties are levied when the import of certain foreign goods takes place

    c. Occupational fee: For doing the business, the license is necessary so that the business can be started

    d. Severance tax: This tax is imposed on natural resources only.

    e. Export duties: These duties are levied when certain commodities are exported

    So, the categorization is shown below:

    a. a tax is based on the right to do business in the state = Franchise taxes

    b. a tax is based on the importation of a certain foreign goods. = Custom duties

    c. a tax is applicable to trades or businesses, serving as a license. = - Occupational fees

    d. a tax is based on the notion of a state's interest in its natural resources. = Severance tax

    e. a tax is imposed on the export of certain commodities = export duties
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