Seller’s Tax is an income tax that the seller must pay based on the income earned from a sale and purchase transaction.
Key functions of Seller's Tax:
- Taxes the profit earned by the seller from the sale of property or assets.
- Calculated based on the sale price and any applicable deductions.
- Collected by the government to support public services and infrastructure.
- Required to be paid by the seller as part of their tax obligations on the sale income.