money that all businesses and households must pay to the governmen. the govt uses this to run the country. min of finance decides amount of txes we pay
reasons for taxation
raise money
redistribute wealth
discourage consumption
similarities between households and business taxation
register
penalties
records and forms
VAT
tax credits
differences between households and business taxation
types
VAT
tax collectors
collection methods
tax audits
types of taxes
corporation tax
motor tax
PAYE
USC
PRSI
Icome tax
VAT
capital gains tax (CGT)
capital acquisition tax (CAT)
deposit interest retention tax (DIRT)
custom duties
excise duties
commercial rates (business)
local property tax (households)
sugar tax
carbon tax
tax avoidance
method of reducing tax bill by taking advantage of loopholes in system to legitimately save money
tax evasion
practise of knowingly failing to honour ones tax commitments to save money. it is illegal
benefits of PAYE modernisation for a business
minimise costs
seamless
right tax
benefits of PAYE modernisation for an employee
simplified
automatic review
tax rate
percentage charged for a certain tax. Paye is payed at 2 different rates 20 and 40 %. rate depends on level of taxable income
tax credits
entitlement to different allowances depending on each persons personal circumstances which will reduce tax liability calculated on a persons tax (PAYE only)
tax bands
a person is charged at different rates of tax depending on which bracket if earning they fall into