What business tax is due on Willie who is an operator of parking lots?Select one:a.Common carrier's taxb.Broker's taxc.Caterer's taxd.Value added tax
Question
What business tax is due on Willie who is an operator of parking lots?Select one:a.Common carrier's taxb.Broker's taxc.Caterer's taxd.Value added tax
Solution
The correct answer is d. Value added tax. This is because Willie, as an operator of parking lots, is providing a service. In many jurisdictions, services are subject to a Value Added Tax (VAT). This tax is based on the increase in value of a product or service at each stage of production or distribution. VAT essentially represents the difference between the cost of inputs into a product or service and the price at which it is sold to the consumer. Other taxes like the common carrier's tax, broker's tax, and caterer's tax do not apply to Willie's business as they are specific to other types of businesses.
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