Willy is an operator of parking lots. What business tax is due on his income from the business? Select one:a.Common carrier’s taxb.Broker’s taxc.Value added taxd.Caterer’s tax
Question
Willy is an operator of parking lots. What business tax is due on his income from the business? Select one:a.Common carrier’s taxb.Broker’s taxc.Value added taxd.Caterer’s tax
Solution
The correct answer is c. Value added tax. This is because Willy's income from his parking lot business is a result of providing a service, which is subject to Value Added Tax (VAT). VAT is a type of tax that is applied to the 'value added' to goods and services at each stage in the production and distribution chain. It is a tax on consumption, and it is paid by the end consumer.
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