Questions and Answers
What are the two main types of taxation under government current revenue?
Direct taxation and indirect taxation.
Give an example of direct taxation.
PAYE (Pay As You Earn), corporation tax, universal social charge.
What is VAT?
An indirect tax on goods/services paid by final consumers.
What items are subject to excise duty?
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At what income level does the Universal Social Charge (USC) apply?
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What is the purpose of Pay-Related Social Insurance (PRSI)?
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What is the tax rate for Deposit Interest Retention Tax (DIRT)?
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What does corporation tax apply to?
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Define tax avoidance.
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Define tax evasion
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What is the "incidence of tax"?
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Name one of the canons of taxation.
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What does the canon of "equity" imply about taxes?
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Why is the canon of "economy" important?
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What does the canon of "convenience" ensure?
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What does the canon of "convenience" ensure?
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What is government current expenditure?
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Name a category of public sector pay.
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What are social welfare payments?
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What is a current budget surplus?
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What is one implication of a current budget surplus?
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What is a current budget deficit?
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What is one implication of a current budget deficit?
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How can the government increase current revenue to reduce a current budget deficit?
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How can the government decrease current spending to reduce a current budget deficit?
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What is one possible implication of increasing taxes to reduce a budget deficit?
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What is the Universal Social Charge (USC)?
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What is the purpose of carbon tax?
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What does "certainty" in the canons of taxation refer to?
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What are the implications of reducing numbers in the public sector as a policy to decrease spending?
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