A tax based on the value of the property/product is called___________.

Fringe Benefit Tax

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Value Added Tax

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Minimum Alternative Tax

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Ad Valorem Tax

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Solution

The correct option is D Ad Valorem Tax
A tax based on the value of the property/product is called Ad Valorem Tax. It is imposed at the time of the transaction. It is based on the assessed value of the item.

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An ad valorem duty is a tax on the basis of:

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