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consumption tax
(redirected from Consumption Taxes)

   Also found in: Dictionary/thesaurus, Financial, Wikipedia 0.01 sec.

consumption tax

Levy such as an excise tax, a sales tax, or a tariff paid directly or indirectly by the consumer. Consumption taxes fall more heavily on lower-income than on upper-income groups because people with less money consume a larger proportion of their income than those with more money. See also progressive tax, regressive tax.



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Since the State Council's decision to keep the consumption taxes unchanged, Beijing has said it was studying reforms of the fuel pricing mechanism and the possibility of lowering pump prices and scrapping road tolls.
Meanwhile, aiming at securing funding to cover ballooning social security costs, the new economic stimulus package specifies that a future course of reforms on individual and corporate income taxes, property taxes and consumption taxes will be spelled out at the year-end as part of a drastic overall reform of the tax system.
77 billion yen, with declines in receipts from corporate and consumption taxes, the Finance Ministry said Thursday.
 
 
 
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