Personal Taxation Flashcards
What is tax?
A compulsory payment made by households, consumers and businesses to the state to help meet the expenses of running the country.
What are the 2 types of tax?
Direct (Progressive), Indirect (Regressive).
What are examples of Direct Taxation?
Income tax (PAYE), Capital gains tax (CGT), Capital acquisations tax (CAT), Deposit interest Retention tax (DIRT), Universal Social Charge (USC).
What are examples of Indirect Taxation?
Customs duty, Excise duty, Local property tax, Motor tax, Stamp duty, Value added tax (VAT), Vehicle registration tax (VRT).
What agency collects tax on behalf of the Irish Government?
The Office of the Revenue Commissioners.
What is Capital Acquisitions Tax (CAT)?
CAT is devided into 2 parts. Gift and Inheritance tax.
What is Gift tax?
A tax paid on the current value of gifts received by someone from another person who is still alive.
What is Inheritance tax?
A tax paid on the current value of gifts receive by someone from another person after they have died.
What is Capital Gains Tax (CGT)?
A tax paid on the profit made by an individual on the sale of an asset such as a painting or company shares.
What is Customs Duty?
A tax that is paid on goods we bring in to Ireland from a country outside the EU.
What is Deposit Interest Retention Tax (DIRT)?
Money that gets deducted from any interest paid on savings a customer has in a financial institution.
What is Excise Duty?
A tax paid on particular goods either when they are manufactured or when they are sold.
What is Income Tax (PAYE)?
Tax that employed people pay on their earnings.
What is Local Property Tax (LPT)?
An annual tax paid on all residential properties in the state.
What is Motor Tax?
Tax that is paid by the owners of motor cars in order to drive the vehicle in a public place.
