introduction to tax Flashcards
1
Q
why do we pay tax
A
To provide revenue for the government so it can be able to fund social and economic programmes, and to provide goods and services.
2
Q
what was Egypt know for it terms of taxes
A
scribes
Taxes on cooking oil
3
Q
which country had charge tax during war times and monthly taxes on foreigners
A
Greece
4
Q
at what percentage did Julius Ceasar tax at
A
1%
5
Q
America taxes on ?
A
tax on sugar
6
Q
when was Income Tax Act introduced in SA
A
1914
7
Q
Adam 4 basic maxims
A
- Contribution in proportion to ability
- Tax must be certain
- Levied on time that is convenient for taxpayer
- As little tax as possible levied
8
Q
explain social contract theory
A
- The social contract could be described as an agreement between citizens and the state. The state creates prosperity and as a consequence, the country requires a commitment from people though tax payment
9
Q
name the tax bases
A
o Consumption
o Income
o Wealth
10
Q
who is the minister of finance
A
Enoch Godongwana
11
Q
who is the commissioner of SARS
A
Edward Kieswetter
12
Q
A trust person is taxed at ?
A
45%
13
Q
when was companies current pay income tax changed from 28% to 27%
A
31 March 2023
