Characteristics of a Good Taxation System by Milena https://padlet.com/barnes_milena/wquid75v13p4 en-us 2016-10-19 09:31:58 UTC 2023-02-17 23:53:53 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Doubleheart.png Canons of Taxation  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131723571
  • Equity - taking a higher proportion of income in tax as income rises 

    • ]]>     2016-10-19 09:34:47 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131723571     Canons of Taxation  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131723971
  • Economic - revenue received should be greater than cost of collection  
    • ]]>     2016-10-19 09:37:11 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131723971     Canons of Taxation  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131724211
  • Certainty - taxpayers should know when they are paying a tax and how much they are paying 
    • ]]>     2016-10-19 09:38:33 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131724211     Canons of Taxation  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131724351 Convenience - Tax should be collected in a way and time that is convenient to a taxpayer ]]> 2016-10-19 09:39:27 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131724351 Direct Taxation  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131724653 Tax on income and wealth

    Advantages:
    • Equitable
    • Convenient for the taxpayer 
    • Revenue collected is certain 
    • Built-in Stalbilser 
    • Economical (cost of collection is borne by the employer not the government) 

    Disadvantages
    • Disincentive to work 
    • Small amount of people paying lots of tax (high income earners) 
    • Growth in the Black Economy 
    • Burden of collection is passed on to employers and investors


    ]]>     2016-10-19 09:41:27 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131724653     The Black Economy  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131899934 All economic activity which goes unrecorded and is not included in the National Income Accounts

    Reasons of the growth in the Black Economy:
    • Reduced disposable income
    • Increased VAT rates 
    • Unemployment 
    • Disillusionment with government 

    Effects on the Exchequer:
    • Loss of tax revenue 
    • Increased government expenditure (law enforcement) 
    • Unemployment bill is higher
    • Decline in legitimate business activity
    ]]>     2016-10-19 18:55:39 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131899934     The Government Budget Reducing Income Inequalities barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131901447
  • Welfare benefits increased/maintained 
  • Tax changes 
  • Wealth tax 
  • Target universal entitlements 
  • Increase minimum wage
    • ]]>     2016-10-19 19:01:15 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131901447     Why the Government increases tax on cigarettes and alcohol  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131901910
  • To discourage smoking and alcohol consumption 
  • To reduce health care costs
  • To reduce absenteeism from work 
  • To increase revenue from these taxes 
  • To specifically target the consumption of alcohol and tobacco in young people
    • ]]>     2016-10-19 19:02:46 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131901910     Economic Impact of an increase in Motor Tax barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131902493
  • Increased tax revenue for the local authority 
  • Reduced disposable income for consumers 
  • No incentive for purchasing environmentally friendly cars 
  • Possible closures in car dealerships 
  • Better for the environment 

    • ]]>     2016-10-19 19:04:35 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131902493     Advantages of the introduction of Household charges  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131903178
  • Government revenue 
  • Stable tax 
  • Less need to raise direct taxes 
  • Economic 
  • Ease introduction of property tax
  • Government planning (revenue is certain)
    • ]]>     2016-10-19 19:06:32 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131903178     Economic benefits on imposing tax on sugary foods barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131903815
  • Revenue for the state 
  • Help fund health initiatives 
  • Reduce consumption on sugary foods 
  • Help reduce future health costs 
    • ]]>     2016-10-19 19:08:17 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131903815     Third Level students contributing to the costs of their higher level education barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131904262 Advantages
    Opportunity cost for the government
    Positive effect on third level institutions
    Reduced cost for taxpayers

    Disadvantages
    • Discourage people from attending 
    • Reduce skills of population 
    • Reduced incentive to invest 
    • Increased debt level 
    • Inequitable 
    ]]>     2016-10-19 19:09:46 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131904262     Reasons in favour of a reduction in capital expenditure barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131904926
  • Reduction in state borrowing and reduce the national debt 
  • New infrastructure is already in place 
  • Private sector is already providing necessary infrastructure 
  • Spending would be in line with other European countries 
    • ]]>     2016-10-19 19:12:06 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131904926     Introduction of carbon tax  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131905640 Advantages 
    • Government revenue
    • Encourage innovation (promote green industries)
    • More efficient use of resources 
    • Help pay towards carbon footprint
    Disadvantages
    Inflationary pressures
    Loss of competitiveness
    Decrease in standard of living
    Regressive form of taxation



    ]]>     2016-10-19 19:14:36 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131905640     barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131937547 Imposition of tax refers to a person, firm or good/service on which the tax is levied

    The incidence of taxation refers to the individual which actually pays the tax]]>     2016-10-19 21:59:01 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131937547     barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131937744 Tax avoidance is arranging one's affairs within the law so as to minimise tax liabilities.

    Tax evasion is reducing tax liabilities by making false returns or not making any returns at all. ]]>     2016-10-19 22:01:05 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131937744     Indirect Taxation  barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131938132 Tax on transactions and spending

    Advantages
    • Evasion is more difficult
    • No disincentive to work 
    • Government can change consumption patterns
    • Economical 
    • Built-in stabiliser 

    Disadvantages
    Will increase inflation
    Inequitable /Regressive
    Revenue collected is not as predictable as direct taxation
    Burden of collection is passed on to the retailers/traders


    ]]>     2016-10-19 22:05:12 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131938132     Taxation and Achieving Economic and Social Aims barnes_milena https://padlet.com/barnes_milena/wquid75v13p4/wish/131938480
  • Increase taxes to decrease consumption 
  • Impose a levy to discourage waste 
  • Financial aid to boost enterprise 
  • Create infrastruture to enable people and companies to cohesively achieve national aims impose fines on anti-social behaviour 
    • ]]>     2016-10-19 22:09:14 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/131938480     https://padlet.com/barnes_milena/wquid75v13p4/wish/177708572 2017-06-29 05:01:23 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/177708572 https://padlet.com/barnes_milena/wquid75v13p4/wish/180354773 2017-08-08 10:47:00 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/180354773 Qualities of a good tax https://padlet.com/barnes_milena/wquid75v13p4/wish/181852184 2017-08-21 11:32:58 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/181852184 https://padlet.com/barnes_milena/wquid75v13p4/wish/214768484 2017-12-10 07:43:54 UTC https://padlet.com/barnes_milena/wquid75v13p4/wish/214768484