Taxation Word Scramble
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| Question | Answer |
| Define Fiscal Policy? | This refers to the ability of the Government to alter taxes and Government spending to achieve its objectives. |
| Define Direct Taxes? | These are taxes on income and wealth. |
| What does D.I.R.T stand for? | Deposit Interest Retention Tax. |
| What does P.A.Y.E. stand for? | Pay As You Earn. |
| What does LPT stand for? | Local Property Tax. |
| Define Income Tax? | This is a tax on wages and salaries. |
| Define Capital Gains Tax (CGT)? | This is a tax chargeable on the gains made form the sale of disposal of an asset. |
| Define Capital Acquisition Tax? | This is a tax on items acquired by an individual. It includes Gift Tax and Tax on inheritance. |
| Define Indirect Taxes? | These are taxes on goods and services. They are paid indirectly to the Government by final consumers. |
| Define Value Added Tax (VAT)? | This is a tax on goods and services. |
| Define an Excise Duty? | This is a tax levied on products that can have negative effects such as alcohol,tobacco and oil-based products. |
| Define Stamp Duty? | This is a Tax on transactions, documents and certain instruments. |
| What is a Regressive Tax? | Ths is a tax which does not take into account ability to pay. |
| What is a Progressive tax? | This is a tax which does take ito account ability to pay. |
| What is Tax Avoidance? | This involves organising one's affairs to avoid paying tax or to reduce tax liability. It is legal. |
| What is Tax Evasion? | This involves organising one's affairs to illegally avoid paying tax. |
| What are Adam Smiths Canon's of Taxation? | Equity, Convenience, Certainty and Economy. |
| What is the Black or Shadow economy? | This refers to unrecorded economic activity. |
| What does Tax Harmonisation mean? | This refers to a policy of the EU that aims to make tax regimes similar in all EU countries. |
| What is the Tax Base? | The range or scope of people "caught" in the tax net, i.e. liable to pay taxes. |
| Define Corporation Tax? | This is a Tax on companies profits. |
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SkelLySP
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