Prior to the 2003 comprehensive NIPA revision, IBT was the name of one of the three components of value added. It consists of tax and nontax liabilities that are chargeable to business expenses when calculating profit-type incomes and of certain other business liabilities to government agencies that are treated like taxes. Thus, IBT includes taxes on sales, property, and production, but it excludes employer contributions for social insurance and taxes on income. As part of the NIPA revision, this component was modified and termed â��taxes on production and imports less subsidies.â�� The major differences between the two are attributable to the treatments of subsidies and non-taxes. (BEA) In more general terms, IBT can currently be considered the combination of excise, sales and property taxes, as well as, fees, fines, licenses and permits.