Taxation

Taxes levied on personal and corporate incomes and wealth, and collected directly from those people and organizations responsible

for paying them

• Direct Taxes

• Indirect taxes

• Property Taxes

• VAT

• Corporate Taxes

Taxes on consumption or expenditure. They are normally imposed on producers who will pass on as much of the burden of these taxes

as possible to the consumer

• Direct tax

• Indirect tax

• Optional Tax

• National tax

The stock of outstanding public sector borrowing

• Total amount of money saved by the government
• The value of government-owned assets
• Total amount of money borrowed by the government that has not yet been repaid
• The amount of money spent on public services

A tax on company profits

• Corporation tax

• Business tax

• Enterprise revenue fee
• Company profit levy

A type of tax that is added to goods and services as a percentage

of their value

• Sales Tax
• Income Tax
• Property Tax
• Value Added Tax (VAT)

A tax on the sale of specific goods usually in the form of a fixed charge

per unit sold

• Sales tax
• Income tax
• Excise tax
• Property tax

Customs duties or border taxes imposed on certain imported goods

• VAT

• Polls tax

• Toll fees

• Tariffs

A government’s plans and forecasts for public sector spending and taxation for the financial year ahead

• budget
• expenditure
• revenue
• finance

A tax by which the tax rate increases as the taxable base increases. If the tax base is income then a person with a high income will pay proportionally more of his or her income in tax than a person with a low income

• Regressive tax
• Progressive tax
• Flat tax
• Proportional tax

The amount of tax paid from total income as a proportion of that income. It therefore measures the average rate of tax an individual, an organization or entire economy pays from its income

• Tax impact

• Tax rate
• Tax ratio
• Tax burden