Taxation

Question 1

What is direct tax?

Answer 1

Taxes on income
Eg corporation tax

Question 2

What are indirect taxes ?

Answer 2

Taxes on spending
Eg VAT

Question 3

What are progressive taxes ?

Answer 3

The more you earn the more tax you pay (direct taxes )

Question 4

What are regressive taxes ?

Answer 4

Taxes are the same rate regardless of income (indirects tax)

Question 5

What is income tax?

Answer 5

Deducted as a % of income standard and higher rate the more you earn more you pay

Question 6

What is PRSI

Answer 6

Pay related social insurance
Tax on income

Question 7

What is USC

Answer 7

universal social charge tax on anyones income over 12000

Question 8

what is Corporation tax

Answer 8

Tax on companies profit
In ireland tis 12.5%

Question 9

What is DIRT

Answer 9

Deposit
Interest
Retention
Tax

Question 10

What is VAT

Answer 10

value added tax charged on goods and services 23%

Question 11

What are excise duties. ?

Answer 11

Tax on certain products
Eg alcohol cigarettes

Question 12

What are customs duties ?

Answer 12

Tax on imports from outside the EU