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Business :taxes

Bus:taxes

QuestionAnswer
What are taxes? Taxes are a compulsory payment to the government that is used to fund public services or as revenue. It can be charged on many things , usually products, paychecks, services etc.
Who collects taxes in ireland Revenue commisioner
What is tax liability Its the amount you owe and is affected by income, spending habits and properties
What are the two main types of taxes Direct tax is a tax on income, indirect is a tax on buying something
PAYE Pay as you earn: tax on income and is calculated and submitted by your employer
Self assessed income tax For people who are self employed and non taxable income calculates their own tax
VAT Value added tax: tax on goods and services
Custom duties Tax on goods imported outside the eu
Excise duties Tax on products that are usually harmful like tobacco, alcohol and motor fuels
Carbon tax Tax on products that emit carbon such as heating oil, motor fuel and natural gases
Local property tax Tax on owning properties
Stamp duty Tax on certain written documents like credit cards or buying houses
Motor tax Tax on all motor vehicles and used to upkeep roads
Vehicle registration tax Tax on registering a new vehicle
DIRT Deposit interest retention tax: tax on interest earned through savings
Capital gains tax Tax on profits earned for selling assets
Tax credit A deduction on taxes. You can be liable for tax credit for certain factors like being jobless, married , having kids and more
Tax evasion Illegal avoidance of tax like under declaring taxes, leads to fines or jail time
Tax avoidance Avoiding taxes through legal ways like tax credits
Created by: O15iny
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