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Questions and Answers
Which of the following is a direct tax?
Which of the following is a direct tax?
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
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.
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Match the following types of taxes with their descriptions:
Match the following types of taxes with their descriptions:
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Study Notes
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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Description
Explore the various types of taxes, including direct and indirect taxes, and their specific functions. This quiz covers common taxes such as PAYE, VAT, and Capital Gains Tax, providing insight into how taxes are structured and their purpose in revenue generation for government services.
