Match the following:

i. Excise duty is the tax levied on the goods that are produced within the domestic territory. Excise taxes are those paid on the purchase of goods or services and are often reflected in total purchase prices.

ii. Sales tax is the consumption tax imposed by the government on the sale of goods and services. It is levied when the goods are being sold to the consumer. Therefore the ultimate payer of this tax will be the consumer.

iii. Customs duty is a tax levied on the imports (and sometimes in exports) of the country to raise the state revenue is known as customs duty. It is generally based on the value of the goods being imported.

iv. Income tax is the direct tax which is collected by the government from the individual by fixing a fixed rate is known as income tax. It is collected on a yearly basis, and the tax rate differs as the income of the individual differs.

v. Corporation tax is the tax imposed on the net income of the company. Income of the company will be profit. Therefore it will be levied on the profit with a fixed rate on a yearly basis.