What role does tax policy play in the regulation of business activities related to the sale or purchase of goods?
Tax policy plays a significant role in regulating business activities related to the sale or purchase of goods by levying taxes on various transactions, such as transfers of property in goods involved in a works contract, delivery of goods on hire-purchase, and supply of food or drinks for cash, deferred payment, or other valuable consideration. These taxes help generate revenue for the government and can influence consumer behavior and business strategies.