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Functions of Tax To finance government activities, Redistribution of national wealth, Automatic stabiliser,To achieve some economic objectives.
Canons of tax equitable, economical, certain, convenient.
Tax avoidance Is arranging one’s affairs within the law so as to minimise tax liabilities.
Tax evasion Is reducing tax liabilities by making false returns or not making any returns at all.
A progressive tax Takes a higher percentage of income from a person as that person’s taxable income increases, e.g. PAYE.
A regressive tax Takes a higher percentage of income from a low-income earner than from a high-income earner, e.g. VAT.
A proportional tax Takes a constant rate of tax from income as income rises.
Impact/Imposition of Taxation This refers to the individuals or companies on whom the tax is actually levied
Incidence of a Tax This refers to the people who bear the burden of the tax.
Direct tax Taxes on all forms of income, it is a progressive and equitable tax
Indirect tax Taxes on transactions, it is a regressive and inequitable tax
Capital Gains tax Is a tax on the profits from the sale of assets.
Stealth Tax A tax that it is largely unnoticed or not recognised as a tax e.g. water charges, household charge.
Tax Wedge The difference between the cost of an employee to their employer (wages + tax + prsi) and the take-home pay of the employee.
Created by: Calasanctius Eco



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