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Taxation :!!: (Importance of tax (Be social, Be financial, Be legal, Be…
Taxation :!!:
Importance of tax
Be social
Be financial
Be legal
Be ethical
Be environmentally friendly
Tax avoidance
When some organisations go
great lengths to avoid
paying tax
eg. Tax credits & Tax allowances
Corporation tax
This is tax paid by companies that
are making a profit
The rate in ireland has been
kept low over recent years to
encourage companies to set
up here
Tax evasion
This is methods
of not paying tax
This is illegal
(DIRT) Deposit interest retention tax
Tax on interest you receive
on your savings
DIRT is taken directly from
your interest
Direct &Indirect tax
Direct taxation:
Tax on income or wealth
Progressive tax:
The more you earn the
more you pay
Indirect taxation:
Tax on goods & services
Regressive tax:
Everyone pays the same rate/amount
Local property tax
It is charged on the value
of all residential properties
Pros:
Income for the government
Cons:
Reduces the consumer spending
+
It is inequitable