Advanced Taxation Course Overview

<p>It applies different rates for different income brackets. (B)</p> Signup and view all the answers

<p>They develop a sense of civic responsibility. (A)</p> Signup and view all the answers

<p>They fluctuate with the economy. (C)</p> Signup and view all the answers

<p>They may discourage saving and investment. (C)</p> Signup and view all the answers

<p>They can lead to tax evasion. (A)</p> Signup and view all the answers

<p>Progressive Tax (D)</p> Signup and view all the answers

<p>It decreases their overall disposable income. (A)</p> Signup and view all the answers

<p>It applies uniformly across all income levels. (B)</p> Signup and view all the answers

<p>They can lead to significant tax evasion. (C)</p> Signup and view all the answers

<p>They can discourage saving and investment. (D)</p> Signup and view all the answers

<p>The rates depend on the discretion of officials. (D)</p> Signup and view all the answers

<p>Direct taxes can only be applied to high-income individuals. (B)</p> Signup and view all the answers

<p>To raise revenue for the government (B)</p> Signup and view all the answers

<p>Compulsion (C)</p> Signup and view all the answers

<p>Contractual taxation offers citizens a voice in policy (A)</p> Signup and view all the answers

<p>Canon of equity (D)</p> Signup and view all the answers

<p>Use of intimidation in collection (B)</p> Signup and view all the answers

<p>The sovereign state's power to impose financial burdens (C)</p> Signup and view all the answers

<p>International Tax issues (B)</p> Signup and view all the answers

<p>Coercive taxation (C)</p> Signup and view all the answers

<p>Canon of Certainty (A)</p> Signup and view all the answers

<p>Canon of Convenience (A)</p> Signup and view all the answers

<p>Canon of Economy (C)</p> Signup and view all the answers

<p>Canon of Productivity (A)</p> Signup and view all the answers

<p>It should increase if needed. (C)</p> Signup and view all the answers

<p>Principle of Tax Proportionality (A)</p> Signup and view all the answers

<p>The system may not generate enough revenue during important times. (C)</p> Signup and view all the answers

<p>It encourages compliance and increases tax revenue. (D)</p> Signup and view all the answers

<p>3% (D)</p> Signup and view all the answers

<p>Pension (B)</p> Signup and view all the answers

<p>$5,000,000 (A)</p> Signup and view all the answers

<p>To advance educational goals (D)</p> Signup and view all the answers

<p>30% (A)</p> Signup and view all the answers

<p>Regulated companies (C)</p> Signup and view all the answers

<p>3% (A)</p> Signup and view all the answers

<p>Ease of revising the tax structure (C)</p> Signup and view all the answers

<p>National Insurance Fund (B)</p> Signup and view all the answers

<p>Canon of Diversity (D)</p> Signup and view all the answers

<p>They cannot be shifted to another taxpayer. (A)</p> Signup and view all the answers

<p>They increase the prices of goods for consumers. (C)</p> Signup and view all the answers

<p>Progressive tax rates in direct taxes (A)</p> Signup and view all the answers

<p>Clear understanding of dues for both authorities and taxpayers (A)</p> Signup and view all the answers

<p>General Consumption Tax (GCT) (B)</p> Signup and view all the answers

<p>Increased vulnerability to revenue shocks (D)</p> Signup and view all the answers

The power of a government to impose financial burdens on citizens and property to fund essential government services.

A system where taxes are fairly distributed based on taxpayers' ability to pay, leading to economic and social justice.

Taxation that lacks transparency, accountability, and tax payer representation. Characterized by uncertainty and intimidation during collection.

Taxation where there's an exchange between taxes paid and government services, clear procedures for tax collection, and taxpayer input into policy.

Key characteristics of a tax, including compulsory nature, imposition on all citizens, state's sovereign power, legislative process, and public purpose.

The principle that taxes should be based on the ability to pay, ensuring economic and social fairness.

Governments obtain revenue from taxes applied to various resources, like earnings, property, and consumed products. This fuels essential services and projects.

The processes and structures for managing taxation within a country.

A tax should be clear and predictable for both the taxpayer and the government. Taxpayers must know the amount, time, and method of payment.

Tax payment should be easy and convenient for taxpayers. The timing and method should be practical, like collecting land revenue during harvest.

The cost of collecting taxes should be less than the revenue gained. Avoid imposing difficult-to-administer taxes.

A good tax system should generate enough revenue to fund government services without relying on borrowing.

Tax income should be able to increase or decrease based on the country's needs. Taxes should be flexible during crises.

Adam Smith believed that taxes should be proportional to income. Those who benefit more from government protection should pay more.

These are principles that guide a fair and effective tax system. They include certainty, convenience, economy, productivity (sufficiency), and elasticity.

A good tax system helps ensure that the government has the resources to provide essential services and public goods for all citizens.

A tax levied directly on individuals or organizations based on their income, wealth or property.

A tax system where the government can easily adjust tax revenue based on changing economic conditions.

A tax system which generates increasing revenue as the economy grows and people prosper.

A sense of responsibility and awareness of rights and duties as a citizen within a society.

A tax that is burdensome and disliked by taxpayers due to its direct impact on their income.

A tax which individuals can easily avoid paying by concealing income or using loopholes.

A tax system where rates are set subjectively and not based on objective criteria.

A tax that takes a larger percentage of income from low-income earners than high-income earners.

A tax system should be easily adaptable to changing economic needs, allowing for revisions in tax coverage and rates.

A tax system should be straightforward and easy to understand for both taxpayers and administrators, minimizing confusion and disputes.

A government should collect taxes from a variety of sources, spreading the burden and reducing reliance on any single source.

Direct taxes promote fairness because the burden cannot be shifted, allowing for progressive taxation based on ability to pay.

Direct taxes are inexpensive to collect, often deducted at source, minimizing administrative costs.

Direct taxes provide clarity for both taxpayers and the government, with clear expectations on payment amounts and revenue.

A tax system where lower-income individuals pay a larger proportion of their earnings in taxes compared to higher-income earners. This can disproportionately burden the poor, potentially leading to reduced living standards and increased unemployment.

A social security system in Jamaica, funded by contributions from employed persons, self-employed individuals, employers and voluntary contributors, providing benefits like pensions, widow/widower's benefits, orphan's benefits, and funeral grants.

A tax system where higher-income earners pay a greater percentage of their income in taxes than lower-income earners. This can promote income equality, generate significant revenue, and be economical to administer.

Employees contribute 3% of their income up to a maximum of $5,000,000 towards the National Insurance Scheme.

Employers contribute 3% of their employees' income up to a maximum of $5,000,000 towards the National Insurance Scheme.

A tax system where high-income earners face challenges like tax evasion, disincentives for saving and investing, and instability due to potential frequent changes in tax rates.

A tax system where all individuals pay the same percentage of their income in taxes, regardless of their income level. This encourages saving and investment, is simple to understand, and easy to calculate.

Self-employed individuals contribute 6% of their income towards the National Insurance Scheme.

A government agency established in 1975 to provide housing benefits to contributors, including housing loans, refund of contributions after 7 years, and cash grants upon death, retirement, or permanent incapacity.

A tax system where everyone pays the same proportion, regardless of their ability to pay, potentially leading to a disproportionate burden on lower-income earners. This system is also inflexible and doesn't adjust to economic changes.

Employees contribute 2% of their income towards the National Housing Trust.

A social security system established in 1965 in the UK, designed to provide financial support to individuals during periods of unemployment, sickness, or retirement.

The National Insurance Scheme is a social security system established in 1965 in the UK to provide financial support for unemployment, sickness, and retirement.

Employers contribute 3% of their employees' income towards the National Housing Trust.

Self-employed individuals contribute 3% of their income towards the National Housing Trust.

The National Insurance Scheme was established in 1965 by the National Insurance Act in the UK.