Sales tax

A tax levied on the exchange of goods and services in the process of distribution. See also indirect tax; VAT.

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Salvage

Compensation paid for the rescue of a ship, its cargo or passengers from a loss at sea. The act of saving a ship or its cargo from possible loss. Property saved from a wreck or fire.

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Salvage loss

A method of insurance adjustment where the underwriter pays the difference between the amount of insurance and the net proceeds of the sale of damaged goods. It is sometimes incorrectly assumed that when damaged goods are sold to determine the…

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Sample

A portion or piece taken as a representative of a whole. When cost permits, sellers often provide samples to new customers, or of new products to existing customers. Either way, this is normally done at low or no charge to…

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Sanction

An embargo imposed against an individual country by the United Nations -or a group of nations – in an effort tom influence its conduct or its policies. See also embargo.

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