Turnover Tax (TOT

It is a tax imposed on almost all goods and services on the total turnover rather than on
the Value Added. Turnover tax is a sales tax. A reduced tax rate is applied for Turnover
Tax as compared to the VAT in most of the countries of the world.

Excise tax

Different Governments levy excise taxes, which are sales taxes on specific goods and services.
Excise taxes are also called selective sales taxes. Goods subject to excise taxes are mostly luxury
items and harmful products. Excise taxes are applied either on a Per Unit Basis, such as per
package of cigarettes or per litter or gallon of gasoline, or a fixed percentage of the sales price
excise tax differ from TOT in that TOT is imposed almost on all goods and service on the total
turnover but excise tax levied on specific goods and service like luxury and harmful items and
products.

The basis of computation of Excise Tax varies for goods produced locally and goods imported.
In respect of goods produced locally, the Base of Computation is Cost of Production. Cost of
Production means direct labor and raw material cost incurred in the production process, cost of
indirect inputs and overhead costs, but does not include Depreciation Costs of Machineries. In
respect of goods imported, the tax base is C.I.F Value of the import (Cost, Insurance and Freight)

Sur tax

The surtax is a flat tax of 10 percent on all imports, unless otherwise exempted. Exemptions
include products like wheat, maize, and palm oil. One of the purposes of this tax is to generate
revenues to help subsidize grain prices in order to keep inflation down.