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Personal Taxes
chapter 9 Personal Taxation
| Question | Answer |
|---|---|
| Revenue | The agency is responsible for collecting taxes on behalf of the Irish Government is the Revenue Commissioners |
| Direct taxation | Refers to any tax that is based on your income. It is a progressive tax. |
| Indirect taxation | An example is VAT tax on goods or services. It is a regressive tax. |
| Capital Acquisitions Tax (CAT) | Gift tax: a tax on the value of any gifts (money or property) you receive from another person while they are alive. Inheritance tax: a tax on the value of any gifts (money or property) you receive from another person after they have died. |
| Capital Gains Tax (CGT) | You pay CGT if you make a profit (or gain) when you sell something of value that you own (e.g. company shares). |
| Value-Added Tax (VAT) | This is tax paid by consumers on certain goods and services. |
| Customs Duty | A tax on goods we buy (import) from a country outside the European Union (EU). |
| Excise Duty | A duty that is included in the price of products that pose: Health risks (e.g. cigarettes) Environmental risks (e.g. petrol or diesel) Social risks (e.g. gambling) |
| Income Tax (PAYE) | All people who earn an income from their employment must pay income tax on their earnings. |
| Universal Social Charge (USC) | USC is a tax on income. It was introduced to raise revenue to help run the health service and other areas of government. |
Created by:
Bredadowling