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Sales tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Sales tax

  • This topic has 1 reply, 2 voices, and was last updated 9 months ago by John Moffat.
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  • October 28, 2021 at 3:25 am #639267
    James124
    • Topics: 125
    • Replies: 97
    • ☆☆☆

    For an agent of tax authorities, Input tax is equal to output tax?
    Like our business is taking tax on behalf of tax authorities, and you said in videos, that consumer is the sales tax payer. So entire chain inbetween tax authorities to consumer, would have input tax equals to output tax?

    October 28, 2021 at 8:23 am #639286
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 50034
    • ☆☆☆☆☆

    If you are meaning to ask if the total of the sales taxes suffered by the final consumer is equal to the total sales tax received by the state, then the answer is yes.

    However the terms input tax and output tax are completely irrelevant for the final consumer. The terms are used for the companies involved in proving the goods or service to the final consumer and it is them who pay over the tax bit by bit to the state.

    Watch my lecture again that shows the process of how a sheep ends up being made into a jumper.

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