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Taxation

Leaving Certificate Economics: Taxation & Government Finances.

QuestionAnswer
Define Fiscal Policy? This refers to the ability of the Government to alter taxes and Government spending to achieve its objectives.
Define Direct Taxes? These are taxes on income and wealth.
What does D.I.R.T stand for? Deposit Interest Retention Tax.
What does P.A.Y.E. stand for? Pay As You Earn.
What does LPT stand for? Local Property Tax.
Define Income Tax? This is a tax on wages and salaries.
Define Capital Gains Tax (CGT)? This is a tax chargeable on the gains made form the sale of disposal of an asset.
Define Capital Acquisition Tax? This is a tax on items acquired by an individual. It includes Gift Tax and Tax on inheritance.
Define Indirect Taxes? These are taxes on goods and services. They are paid indirectly to the Government by final consumers.
Define Value Added Tax (VAT)? This is a tax on goods and services.
Define an Excise Duty? This is a tax levied on products that can have negative effects such as alcohol,tobacco and oil-based products.
Define Stamp Duty? This is a Tax on transactions, documents and certain instruments.
What is a Regressive Tax? Ths is a tax which does not take into account ability to pay.
What is a Progressive tax? This is a tax which does take ito account ability to pay.
What is Tax Avoidance? This involves organising one's affairs to avoid paying tax or to reduce tax liability. It is legal.
What is Tax Evasion? This involves organising one's affairs to illegally avoid paying tax.
What are Adam Smiths Canon's of Taxation? Equity, Convenience, Certainty and Economy.
What is the Black or Shadow economy? This refers to unrecorded economic activity.
What does Tax Harmonisation mean? This refers to a policy of the EU that aims to make tax regimes similar in all EU countries.
What is the Tax Base? The range or scope of people "caught" in the tax net, i.e. liable to pay taxes.
Define Corporation Tax? This is a Tax on companies profits.
Created by: SkelLySP
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