Income tax is charged on ____, such as wages that have been earned.Corporation tax is a charge on a ____ ____. National Insurance contributions (NICs) are charges to ____ healthcare, state pensions and employment-related ____ such as Jobseeker’s Allowance. These are all examples of ____ taxation. An increase in income tax would mean consumers would have ____ disposable income which would result in ____ spending. An example of an ____ tax is VAT.VAT stands for value ____ tax is a charge on ____ of goods and services based on the value of the item sold. It is collected by ____, which then pass it on to the ____. Further examples of ____ tax are customs duties, excise duties, petrol tax and road tax. ____ duties are taxes on imports. ____ duties are taxes on petrol alcohol and tobacco. Petrol tax is a tax on North Sea oil companies. These are taxes on ____ and production therefore the amount paid depends on the level of ____ and production. Adam ____, the famous eighteenth-century Scottish economist laid down ____ principles for a good tax. ____. Taxes should relate to the taxpayer’s ability to pay. Efficiency. Taxes should be reasonably ____ to collect, ie the cost of collection should form a ____ percentage of the revenue collected and they should not have ____ side effects such as reducing work incentives for individuals. Certainty. The taxpayer should be clearly aware of how much is due, and when and ____ to pay. Convenience. Taxes should be payable at a time and place that suits the ____.

N5 Types of Tax

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