Indirect taxes encompass a range of levies imposed on goods and services rather than income or profits, ultimately paid by consumers through higher prices.
Irrecoverable Input VAT refers to the Value-Added Tax (VAT) paid on items acquired to produce exempt supplies and cannot be reclaimed or offset against output tax.
A regressive tax is a tax system where the tax rate decreases as the income of the taxpayer increases. This structure places more financial burden on lower-income earners relative to their income.
