What are the 4 tax structures?

Tax Structure: Tax Base, Tax Rate, Proportional, Regressive, and Progressive Taxation.

What are the main tax structures?

The major taxes of the federal government include the corporate income tax, petroleum profit tax, customs and excise duties, value-added tax and others.

How many types of tax structures are there?

There are two types of taxes namely, direct taxes and indirect taxes. The implementation of both the taxes differs. You pay some of them directly, like the cringed income tax, corporate tax, and wealth tax etc while you pay some of the taxes indirectly, like sales tax, service tax, and value added tax etc.

What is taxation structure?

The tax structure consists of the central government, state governments, and local municipal bodies. … The direct tax includes income tax, gift tax, capital gain tax, etc while indirect tax includes value-added tax, service tax, Good and Service taxm, customs duty, etc.

What are the three tax bases?

Most taxes can be divided into three buckets: taxes on what you earn, taxes on what you buy, and taxes on what you own. It’s important to remember that every dollar you pay in taxes starts as a dollar earned as income.

What are the tax structure in the Philippines?

Income Tax
Amount of Net Taxable Income Rate
P250,000 P400,000 20% of the excess over P250,000
P400,000 P800,000 P30,000 + 25% of the excess over P400,000
P800,000 P2,000,000 P130,000 + 30% of the excess over P800,000
P2,000,000 P8,000,000 P490,000 + 32% of the excess over P2,000,000

What is a tax system what are its types?

In general, taxes fall into one of four primary categories. … Income taxes are imposed on the income earned by a person or firm; property taxes are imposed on assets; sales taxes are imposed on the value of goods sold; and excise taxes are imposed on specific goods or services.

What is direct tax structure?

A type of tax where the impact and the incidence fall under the same category can be defined as a Direct Tax. The tax is paid directly by the organisation or an individual to the entity that has imposed the payment. The tax must be paid directly to the government and cannot be paid to anyone else.

What is taxation structure in India?

The tax structure in India is divided into direct and indirect taxes. While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assessees themselves.

What are the 2 Classification of taxes?

Taxes are most commonly classified as either direct or indirect, an example of the former type being the income tax and of the latter the sales tax.

What are the different types of tax in South Africa?

Different Types of Tax in South Africa
  • INCOME TAX. Income tax is levied on all income and profit received by a taxpayer, which includes individuals, companies and trusts. …
  • VALUE ADDED TAX (VAT) …
  • CAPITAL GAINS TAX. …
  • PROVISIONAL TAX. …
  • PAYE (Pay-As-You-Earn) …
  • TRANSFER DUTY. …
  • CUSTOMS AND EXCISE TAXES. …
  • DOUBLE TAXATION AGREEMENTS.

What is the tax structure in India before GST?

India had several erstwhile indirect taxes such as service tax, Value Added Tax (VAT), Central Excise, etc., which used to be levied at multiple supply chain stages. Some taxes were governed by the states and some by the Centre. There was no unified and centralised tax on both goods and services.

What was the old tax structure in India?

The former tax structure featured many taxes, including excise duty on manufactured goods, Wealth Tax, Sales Tax, VAT, Central Sales Tax, Import and Export Taxes, Service Tax, Luxury Tax, and plenty of others, all of which produced a lot of complications and inadvertent tax distribution.

What is Nigeria tax structure?

Structure of Nigerian Tax System

Nigeria operates a decentralized tax system where each level of government is independently responsible for the administration of taxes within its jurisdiction. Nigeria generate revenue to fund government expenditure through a pool of taxes from each tier of government.

How many types of taxes were there before GST?

The state taxes included state VAT, WCT, entertainment tax, luxury tax, tax on gambling, betting and lottery, sales tax deducted at source, and surcharge and cesses.

How is VAT different from GST?

A dealer under VAT collects tax on his sales, retains the tax paid on his purchase and pays the balance to the government. … Under GST, the tax is levied at every point of sale. In the case of inter-state sales, Integrated GST will be levied and in case of intrastate supplies, CGST and SGST will be charged.

What are the deficiencies of old tax structure?

Non-inclusion of several local levies in State VAT such as luxury tax, entertainment tax, etc. Non-integration of VAT & service tax. Cascading of taxes on account of (i) levy of Non-VAT able CST and (ii) inclusion of CENVAT in the value for. Double taxation of a transaction both as goods & services.

What type of tax is GST?

Indirect tax
GST stands for Goods and Services Tax. It is an Indirect tax which introduced to replacing a host of other Indirect taxes such as value added tax, service tax, purchase tax, excise duty, and so on. GST levied on the supply of certain goods and services in India. It is one tax that is applicable all over India.

What is the full form of TDS?

Tax Deducted at Source (TDS)

What are the variants of VAT?

VAT is divided into three variants such as gross product variants, income variants and consumption variants.
…
They are distinguished on the basis of their methods of calculation, addition method, invoice method and subtraction method.
  • Gross Product Variants : …
  • Income Variant : …
  • Consumption Variant :

Is HST a tax?

HST, or harmonized sales tax, is a sales tax applied in certain provinces. It’s a combination, or “harmonization,” of the GST and the province’s provincial sales tax (PST). The HST application occurs in provinces that opted to combine their PST with the federal GST when it went into effect.