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Which of the following is NOT a type of tax discussed in your text? a) VAT...

Which of the following is NOT a type of tax discussed in your text?

a) VAT
b) Income
c) Sales
d) Depletion

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Answer #1

The correct answer is option d

Explanation:- Income tax, Value added tax, Sales tax are different types of taxes. Income tax is tax levied on people for the income earned. During the production process, each stage adds value value to the product, hence Value added tax is collected at each stage. The tax imposed on the sale of commodities is known as sales tax.

However depletion is not a type of tax because it is a reduction in the value of an asset due to production. For example mining results in reduction of mineral resources and this is considered depletion.

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