Inderect tax Flashcards
What are the types of indirect tax?
- Value-added tax
- Excise tax
- Business tax
- Council tax
What is the VAT?
The value-added tax is a tax imposed on the consumption of goods and services, its rate is 19.5% of the price of said good or service.
What is the excise tax?
It is a tax imposed on the consumption of luxury goods like beer, games, whisky, etc. Its rate is 25% of the price of the luxurious good.
What is business tax?
It is a tax imposed on any individual or corporation conducting a trade that turns a profit.
What are the types of council taxes
Acronym: LACD
- Liquor license
- Additional council tax
- Cattle tax
- Direct council tax
What is a liquor license?
It is a tax imposed on anyone participating in the sale, importation, or exportation of alcoholic and non-alcoholic beverages.
What is an additional council tax?
After taxes like the: Excise tax, company/corporation tax, personal income tax, value added tax, etc. Have been paid 10% of these taxes are deducted by the taxation center and handed to the appropriate council, this 10% is known as the additional council tax.
What is the cattle tax?
It is a tax imposed on individuals that own cattle or livestock, also known as the Jangali tax. Its rate is 200frs per cattle.
What is the direct council tax?
Article 204 of the Cameroonian general tax code provides for the taxation of citizens by their appropriate councils, to provide public services. This tax may not be more than 100fs per citizen.
Examples:
- Garbage tax
- Electricity tax
- Water tax
- Ambulance tax
