Tax on the basis of value of product is called ........

Indian Economy (Easy) Budgeting and Fiscal policy

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Tax on the basis of value of product is called

Ad-valoren rates

Specific rates

Value added taxes

None of the above

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Explanation:

Ad valorem tax, any tax imposed on the basis of the monetary value of the taxed item. Literally the term means “according to value.” Traditionally, most customs and excises had “specific” rates; the tax base was defined in terms of physical units such as gallons, pounds, or individual items.