Taxation Flashcards
PAYE: Pay As You Earn
this is a type of income tax that people pay on their wages. This is deducted at source by the employer and paid to the revenue.
PAYE Stands for
Pay As You Earn
USC Stands for
Universal Social Charge
USC: Universal Social Charge
this is a tax charged on income over a certain amount.
VAT stands for?
Value Added Tax
VAT: Value Added Tax
this is tax charged on goods and services. This is included in the price you pay to the shopkeeper.
LPT stands for?
Local Property Tax
LPT: Local Property Tax
this is a tax paid by owners of residential property
VRT stands for?
Vehicle Registration Tax
VRT: Vehicle Registration Tax
this is a tax paid by those who purchase and register a new car
Motor Tax
this is a compulsory tax paid for all owners of a vehicle. This money is used to improve roads.
DIRT stands for?
Deposit Interest Retention Tax
DIRT: Deposit Interest Retention Tax
this is a tax paid on interest earned on savings
CAT stands for?
Capital Gains Tax
CGT: Capital Gains Tax
this is a tax paid on the profits made from the sale of assets e.g. property & investments
Customs Duties
a tax paid on goods imported into Ireland from a foreign country.
Excise Duties
a tax paid on certain goods e.g. oil, alcohol, tobacco.
Stamp Duty
this is a tax paid on written
documents e.g. property
Direct Tax
Direct Tax is charged as income is earned. It is deducted at source. This means that the tax is charged by the person who pays the income not the person who earns the income e.g. PAYE is deducted by the Employer and paid to the Revenue.
Indirect Tax
Indirect Tax is charged as income is spent on goods and services e.g. VAT is included in the price of goods in a shop. These are paid directly to the Revenue by the shopkeeper.
