Taxation Chapter 12

What does VAT stand for?

• Value and Tax

• Value about Tax

• Value Added Tax

• Venture About Tax

What does CAT stand for?

• Cat

• Capital Acquisition Tax

• Capital Add Tax

• Current Acquisition Tax

What does CGT stand for?

• Capital Gains Tax

• Common Gains Tax

• Capital Going Tax

• Come Go Tax

What tax must be paid for your house each year?

• PAYE

• Car Tax

• Corporation Tax

• Local Property Tax

Capital Acquisition Tax means

• Tax on profits from selling a house?

• Tax when you get a Cat?

• Tax on gifts and inheritances received?

• Tax on your house?

Taxes are collected by government so that they can provide essential services for the citizens of the country.

The government department responsible for collecting taxes is called the Revenue Commissioners.

A tax credit is subtracted from the total tax bill.

• True

• False

PAYE rates in Ireland in 2020 are:

• 5% and 40%

• 5%, 30% and 40%

• 20% and 30%

• 20% and 40%