INDIRECT BUSINESS TAXES: The official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes, abbreviated IBT, is generally less than 10% of gross domestic product (7-8% is common). See also | national income | net domestic product | gross domestic product | National Income and Product Accounts | Bureau of Economic Analysis | sales tax | business sector | government sector | household sector | tax incidence | corporate income tax | property tax |
