Podcast
Questions and Answers
Which of the following is a direct tax?
Which of the following is a direct tax?
- Value Added Tax (VAT)
- Excise Goods
- Motor Tax
- Pay as you earn (PAYE) (correct)
Capital Gains Tax is a tax on earnings from the sale of assets.
Capital Gains Tax is a tax on earnings from the sale of assets.
True (A)
What is the primary purpose of taxes?
What is the primary purpose of taxes?
To provide revenue for government services such as hospitals and schools.
The _____ is a tax on motors vehicles.
The _____ is a tax on motors vehicles.
Match the following types of taxes with their descriptions:
Match the following types of taxes with their descriptions:
Flashcards
Pay As You Earn (PAYE)
Pay As You Earn (PAYE)
A tax on income.
Value Added Tax (VAT)
Value Added Tax (VAT)
A tax on the sale of goods and services
Direct Tax
Direct Tax
A tax collected directly from the income earner
Indirect Tax
Indirect Tax
A tax on goods/services that's not directly taken from your paycheck.
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Tax Purpose
Tax Purpose
Funding of public services like roads and schools
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Types of Taxes
- Pay as you earn (PAYE): Tax on income earned.
- Universal Social Charge (USC): Tax on income.
- Value Added Tax (VAT): Tax on sales of goods/services.
- Customers Duties: Charges on goods crossing borders.
- Excise Goods: Taxes on specific goods (e.g., alcohol, cigarettes).
- Local Property Tax (LPT): Tax on property.
- Stamp Duty: Tax on property transfers.
- Motor Tax: Tax on vehicles.
- Deposit Interest Retention Tax (DIRT): Tax on interest earned.
- Capital Gains Tax: Tax on profits from the sale of assets.
- Capital Acquisition Tax: Tax on gifts and inheritance.
- Pay-related social insurance: Various social insurance schemes.
Direct vs. Indirect Taxes
- Direct Tax: Taxed on income as it is earned (PAYE, USC, PRSI, CGT, CAT).
- Indirect Tax: Taxed on income as it is spent (VAT, Excise, Customs).
Purpose of Tax
- Revenue Generation: Funds government services (hospitals, schools, transport).
- Payment to the government
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