Taxation Flashcards
tax
a levy charged by the government on individuals and companies to finance government expenditure
compulsory by law
minister for finance
decides amount of tax we pay
office of the revenue commissioners
makes sure we pay the right amount
why do we pay tax
raise money for gov
redistribute wealth
discourage consumption eg tax on cigarettes
household taxes
PAYE PRSI USC VAT CGT CAT DIRT
paye
tax on wages
collected by employer
progressive
direct
prsi
tax on wages
collected by employer
covers future welfare benefits eg dental
usc
tax payable on all income
collected by employer
progressive
direct tax
vat
tax paid by consumers on certain goods/services
cgt
tax on households, on profit made from selling an asset eg holiday home
cat
tax paid on the value of a gift/inheritance you receive
dirt
tax on interest earned on savings in a deposit account in a financial institution
business taxes
self assessment income tax
corporation tax
commercial rates
employers PRSI
commercial rates
tax a business must pay to their local council each year, based on your premises
