4 canons (principles) of Taxation - Equitable, Economy, Convenience, Certainty, Direct Tax Definition - A tax on Income & Wealth, Indirect Tax Definition - A tax on Goods & Services, Direct Tax Example - PAYE, Indirect Tax Example - VAT, Standard VAT Rate % - 23%, Reduced VAT Rate % - 13.5%, Second Reduced VAT Rate % - 9%, Reasons for Taxation - Government Revenue, Redistribution of Wealth, Discouraging Consumption, Tax Liability  - Is the amount of tax you are required to pay, Progressive Tax Definition - The tax rate increases as income increases, Regressive Tax Definition - Taxes that take a higher percentage of income from low income earners,

Tax - F4 Lesson 1 Recap

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