Personal Taxation - Questions With Verified
Solutions
What is tax Correct Answer - a payment made by households,
consumers and businesses to help meet the expenses of running the country
What is the Office of the Revenue Commissioners Correct Answer - An
agency responsible for the collection of all taxes
Categories of taxes Correct Answer - direct
indirect
What is direct taxation Correct Answer - any tax that is based on your
income
Examples of direct tax Correct Answer - PAYE/income tax
Capital gains tax
DIRT
USC
What are progressive taxes Correct Answer - Where the percentage rate
of a tax increases when the income increases
What is indirect tax Correct Answer - Tax on goods or services you buy
Examples of indirect tax Correct Answer - VAT
Customs
VRT (vehicle registration tax)
Stamp duty
Regressive tax Correct Answer - taxes that everybody pays the same
percentage rate no matter their income
What does CAT stand for Correct Answer - Capital Acquisitions Tax
What are the 2 parts of CAT Correct Answer - gift tax
Solutions
What is tax Correct Answer - a payment made by households,
consumers and businesses to help meet the expenses of running the country
What is the Office of the Revenue Commissioners Correct Answer - An
agency responsible for the collection of all taxes
Categories of taxes Correct Answer - direct
indirect
What is direct taxation Correct Answer - any tax that is based on your
income
Examples of direct tax Correct Answer - PAYE/income tax
Capital gains tax
DIRT
USC
What are progressive taxes Correct Answer - Where the percentage rate
of a tax increases when the income increases
What is indirect tax Correct Answer - Tax on goods or services you buy
Examples of indirect tax Correct Answer - VAT
Customs
VRT (vehicle registration tax)
Stamp duty
Regressive tax Correct Answer - taxes that everybody pays the same
percentage rate no matter their income
What does CAT stand for Correct Answer - Capital Acquisitions Tax
What are the 2 parts of CAT Correct Answer - gift tax