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Tax

What are the ...

Question

What are the two major forms of taxes?

A

Individual and corporate taxes

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B

Direct and Indirect taxes

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C

Goods and services taxes

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D

None of these

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Solution

The correct option is B Direct and Indirect taxes
The two types of taxes are direct and indirect. Direct taxes have to borne by the person on whom it is levied, but the burden of indirect taxes can be transferred to another person. Goods and service taxes are a form of Indirect tax.

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