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5 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is Direct Tax and example? |
Taxpayer is the same as the tax bearer e.g. Income tax |
Tax Bearer = Tax Payer |
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What is indirect tax & example? |
Tax Payer and Tax bearer are different e.g. Gst |
Tax Payer + Tax Bearer = Different |
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Name two types of tax rates? |
Proportional or Flat Rate Tax |
The same tax rate is applied |
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Name four principles of a good tax system? |
Equity, Certainty, Convenience & Efficiency |
E.C.C.E |
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Why does the government need a good tax system? |
To maximize the funds in flow To ensure compliance To keep down the costs of Admin - ird To keep down the size of the taxation black market |
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