→ Taxation → Start Learning / Download MP3 Flashcards

start learning

Question		Answer
Tax authority start learning		official body responsible for levying and collecting taxes
Double taxation start learning		taxation of both company profit and shareholder's income
Flat rate tax start learning		in other words, proportional tax
Tax return start learning		tax declaration
Tax arrears start learning		occurs when taxes are not paid or are paid too late
Tax avoidance start learning		legally minimising the amount of due tax. Using loopholes in tax laws to reduce the amount of tax.
Tax bracket start learning		tax threshold
Tax deductible odliczane start learning		expenses that are deducted from taxable income
Tax evasion illegal start learning		making false tax returns in order to pay less tax
Tax exempted start learning		reimbursement of taxes due to tax reliefs – zwolnione z podatku
Tax haven start learning		low tax zones
Tax payer start learning		person whose income is taxable
Tax refund (rebate) start learning		not taxable
Tax relief start learning		a way of reducing a tax by spending money on particular purposes
Tax remitter start learning		person or entity that actually transfers money to pay due tax
Direct taxes start learning		by person to government property, income, value
Indirect taxes start learning		taxes paid on sale of goods and services. Collected by store but paid by a consumer.
Tax income start learning		the direct tax paid on salaries and company profits
Indirect Taxes start learning		taxes on property and sales transactions, customs duties on imports, and excise duties on tobacco, alcoholic drinks, petrol etc.
Progressive tax start learning		A tax that is levied at higher rate on higher incomes. You pay more taxes as you earn more.
Regressive tax start learning		applied across the board. Hits lower income individuals harder.
Proportional taxes (Flat tax) start learning		constant, marginal rate for everyone. Everyone pays the same tax equally.
Value added tax start learning		A sales tax collected at each stage of production, excluding the already
Capital Gains tax start learning		tax which includes profits made from the sale of assets
Inheritance tax start learning		includes large gifts and inheritances
Wealth tax start learning		an annual tax imposed on people's fortunes
Money laundering start learning		criminal organizations often pass money through a series of companies and bank accounts in order to disguise its origin from tax inspectors and the police.
IRS start learning		calculate tax by using marginal income tax brackets

Taxation

You must sign in to write a comment

More