Sunday, 15 March 2015

Cima F1 Exam Question No 3

Question No 3:

2 types of taxes?


1. Direct: imposed directly on the person or enterprise required to pay the tax (tax on personal income, on business profits, on disposal of chargeable assets): income tax, capital gains tax, corporation tax
Indirect: imposed on one part of the economy with the intention that the tax burden be passed on to another (sales tax, VAT)

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