3 Questions
What is the difference between a direct and an indirect tax?
Direct tax is demanded from persons who are intended or bound by law to pay the tax while indirect tax can be shifted to another
What is the difference between a specific and an ad valorem tax?
Specific tax is a fixed amount while ad valorem tax is imposed based on a physical unit of measurement
What is the difference between a general/fiscal/revenue tax and a special/regulatory tax?
General taxes have a specific purpose while special taxes are raised for whatever need may arise
Test your knowledge on the classification of taxes based on their subject matter or object with this informative quiz. Learn about personal taxes, property taxes, and excise taxes, and understand how they differ from each other. Enhance your understanding of taxation and improve your financial literacy.
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