Quiz on taxation
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| List Adam Smith's canons of taxation | Equity, economy, certainty, convenience
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| Explain the canon of taxation: equity | As your income rises, you should pay more taxes. The ability of each person to pay must be taken into account.
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| Explain the canon of taxation: economy | The amount of revenue collected should exceed the cost of collection.
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| Explain the canon of taxation: certainty | The amount paid should be unambiguous, certain and clear.
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| Explain the canon of taxation: convenience | Tax should be levied at a convenient time and manner for the contributor.
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| List five principles of a fair tax system | Taxes should be equitable, taxes should be certain, taxes should be convenient, taxes should be economical, evasion should not be possible.
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| Explain an ad valorem tax | A tax that increases with the value of the good, eg VAT and customs duties.
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| Define direct taxes | Taxes on income and wealth, eg PAYE, capital gains tax, capital gains tax, capital acquisition tax and DIRT.
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| Define indirect taxes | Taxes on transactions/spending, eg VAT, custom duties and stamp duties.
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| List and explain the two types of tax, giving an example in each case. | Progressive tax. A tax that increases proportionately more with a person's income, eg income tax.
Regressive tax. A tax that takes proportionately less as a person's income increases, eg the carbon tax and household charges.
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| Define tax harmonisation | The aim of members of the EU and other trading blocks to move all tax rates to the same rates, ie align with each member state/country.
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omeliaeconomics
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