Sources of government revenue Flashcards
1
Q
Direct Tax
A
A direct tax is a tax that a person or organisation pays directly to the entity that imposed it
Example:
income tax
company tax
capital gains tax.
2
Q
Indirect Tax
A
An indirect tax is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased.
Examples GST Tariffs VAT Excise tax.
3
Q
Top 3 revenue in the 2021-2022 Federal Budget:
A
Income tax ($225B) Company tax ($84B) GST ($74B)
