Taxation Flashcards by Olivia Maidment

Q

What are the two types of tax

A

Direct and indirect tax

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Q

What is direct tax

A

A tax on income (for customer).

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Q

What is corporation tax

A

Tax for businesses, comes out of profit

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Q

What is indirect tax

A

The tax on spending

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Q

What is VAT

A

Value added tax (20%) in UK

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