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Personal Taxation

Tax n stuff

QuestionAnswer
What is tax It is the main source of income to the government and is used to built hospitals, roads, schools
What is direct tax Direct tax refers to tax you pay directly on your income and it is progressive meaning the more you earn the more you pay
What is indirect tax This is usually on goods and services in the form of V.A.T (Value Added Tax)
What is CAT Capital Acquisitions Tax or CAT is divided into 2 parts: Inheritance and gift tax. Inheritance tax is on any gifts you receive from someone after they die. Gift is when they are still alive
What is CGT Capital Gains Tax or CGT is tax you pay when you make a profit from something you sell like shares. It is calculated by subtracting the cost price from the sell price.
What is VAT Value Added Tax or VAT is added to certain goods and services
What is Customs Duty It is a tax on goods that come from outside the EU in order to protect the EU economy and jobs
What is excise duty This is added to the price of harmful products like cigarettes and vapes, alcohol
What is the tax called PAYE Pay As You Earn is the main form of income tax in Ireland and has 2 brackets of 20 and 40%. It is automatically deduced by the employer and is shown on wage slips
What is USC Universal Social Charge is a tax used to run the HSE and other services and areas of government
What is LPT Local Property Tax is a tax you pay on a property you own like a house or apartment and depends on the market value of the property
What is Motor Tax All vehicle owners must pay this tax and present the disc and depends on the engine size of our car
Created by: georgejoseph
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