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Taxation

Quiz on taxation

QuestionAnswer
List Adam Smith's canons of taxation Equity, economy, certainty, convenience
Explain the canon of taxation: equity As your income rises, you should pay more taxes. The ability of each person to pay must be taken into account.
Explain the canon of taxation: economy The amount of revenue collected should exceed the cost of collection.
Explain the canon of taxation: certainty The amount paid should be unambiguous, certain and clear.
Explain the canon of taxation: convenience Tax should be levied at a convenient time and manner for the contributor.
List five principles of a fair tax system Taxes should be equitable, taxes should be certain, taxes should be convenient, taxes should be economical, evasion should not be possible.
Explain an ad valorem tax A tax that increases with the value of the good, eg VAT and customs duties.
Define direct taxes Taxes on income and wealth, eg PAYE, capital gains tax, capital gains tax, capital acquisition tax and DIRT.
Define indirect taxes Taxes on transactions/spending, eg VAT, custom duties and stamp duties.
List and explain the two types of tax, giving an example in each case. Progressive tax. A tax that increases proportionately more with a person's income, eg income tax. Regressive tax. A tax that takes proportionately less as a person's income increases, eg the carbon tax and household charges.
Define tax harmonisation The aim of members of the EU and other trading blocks to move all tax rates to the same rates, ie align with each member state/country.
Created by: omeliaeconomics
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