Taxation

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Pytanie Odpowiedź
Tax authority
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official body responsible for levying and collecting taxes
Double taxation
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taxation of both company profit and shareholder's income
Flat rate tax
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in other words, proportional tax
Tax return
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tax declaration
Tax arrears
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occurs when taxes are not paid or are paid too late
Tax avoidance
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legally minimising the amount of due tax. Using loopholes in tax laws to reduce the amount of tax.
Tax bracket
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tax threshold
Tax deductible
odliczane
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expenses that are deducted from taxable income
Tax evasion
illegal
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making false tax returns in order to pay less tax
Tax exempted
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reimbursement of taxes due to tax reliefs – zwolnione z podatku
Tax haven
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low tax zones
Tax payer
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person whose income is taxable
Tax refund (rebate)
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not taxable
Tax relief
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a way of reducing a tax by spending money on particular purposes
Tax remitter
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person or entity that actually transfers money to pay due tax
Direct taxes
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by person to government property, income, value
Indirect taxes
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taxes paid on sale of goods and services. Collected by store but paid by a consumer.
Tax income
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the direct tax paid on salaries and company profits
Indirect Taxes
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taxes on property and sales transactions, customs duties on imports, and excise duties on tobacco, alcoholic drinks, petrol etc.
Progressive tax
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A tax that is levied at higher rate on higher incomes. You pay more taxes as you earn more.
Regressive tax
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applied across the board. Hits lower income individuals harder.
Proportional taxes (Flat tax)
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constant, marginal rate for everyone. Everyone pays the same tax equally.
Value added tax
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A sales tax collected at each stage of production, excluding the already
Capital Gains tax
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tax which includes profits made from the sale of assets
Inheritance tax
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includes large gifts and inheritances
Wealth tax
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an annual tax imposed on people's fortunes
Money laundering
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criminal organizations often pass money through a series of companies and bank accounts in order to disguise its origin from tax inspectors and the police.
IRS
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calculate tax by using marginal income tax brackets

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