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Tax & Govt Budget

Junior Cycle

TermDefinition
Tax Avoidance Legal method of reducing your tax bill, e.g. by using all your tax credits.
Tax Evasion Illegal method of not paying tax, e.g. by not declaring all of your income.
Pay As Your Earn Workers pay this tax on their earnings. The rates are 20% and 40%. This tax is used for running the country.
Self-assessment tax Income tax paid by the self employed.
Value Added Tax Tax on spending on goods and services.
Customs duties Tax on imports from outside the EU.
Excise duties Tax on certain goods such as alcohol and cigarettes. The point of the tax is to reduce the use of these goods.
Local Property Tax Tax based on the value of your property.
Stampy Duty Tax on written documents, e.g. purchase of property.
Motor tax Tax paid to the local authority for the upkeep of roads.
Deposit Interest Retention Tax Tax on interest on savings.
Capital Gains Tax Tax on profits on assets.
Capital Acquisitions Tax Tax paid on gifts and inheritance.
Direct Taxes Taxes income as it is earned, e.g. PAYE & DIRT.
Indirect Taxes Taxes money as it is spent on goods and services, e.g. VAT.
Progressive taxes Takes into account ability to pay, e.g. PAYE.
Regressive taxes Does not take into account ability to pay, e.g. VAT.
Canon of Equity The amount of tax paid should be related to the ability to pay, e.g. PAYE is but VAT is not.
Canon of Certainty The amount of tax owed should be clear and predictable, e.g. PAYE has clear rates 20%, 40%.
Canon of Economy The cost of collecting the tax should be kept to a minimum, e.g. the Revenue can email reminders for motor tax instead of posting them.
Canon of Convenience It should be easy for each person to pay their taxes, e.g. motor tax can be paid online.
Government Revenue Refers to all money received by the government (current and capital).
Government Expenditure Refers to all money spent by the government (current and capital).
Current Revenue Money received by the Govt. on a regular basis, e.g. PAYE.
Current Expenditure Money spent by the Govt. on day-to-day or regular expenses, e.g. salaries of nurses.
Capital Revenue Money received by the Govt. on a once off or irregular basis, e.g. Sale of state owned companies.
Capital Expenditure Spending by the Govt. on once off projects that will have long term benefits for the country, e.g. building the Metro North.
Corporation Tax A tax on company profits. Currently 12.5% in Ireland.
Balanced Budget Planned income is equal to planned expenditure.
Budget Surplus Planned income is greater than planned expenditure.
Budget deficit Planned expenditure is greater than planned income.
Created by: jennymarshall
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