Write TRUE or FALSE after each of the following statements. 1. Customs Duty is a tax on goods imported from outside the European Union. 2. Corporation Tax is applied to profits made by every business in Ireland. 3. A P45 is given to employees when their employment is terminated. 4. The existence of Tax Credits reduces the amount of Universal Social Charge to be paid. 5. Capital Acquisitions Tax is a tax on the profits made on the sale of assets.

Leaving Cert Business Taxation: Write TRUE or FALSE after each o

Write TRUE or FALSE after each of the following statements - Leaving Cert Business - Question 4 - 2017

Question 4

Write TRUE or FALSE after each of the following statements. 1. Customs Duty is a tax on goods imported from outside the European Union. 2. Corporation Tax is appli... show full transcript

Worked Solution & Example Answer:Write TRUE or FALSE after each of the following statements - Leaving Cert Business - Question 4 - 2017

Step 1

1. Customs Duty is a tax on goods imported from outside the European Union.

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Answer

TRUE. Customs Duty is indeed levied on goods imported from outside the European Union, as part of trade regulations.

Step 2

2. Corporation Tax is applied to profits made by every business in Ireland.

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Answer

FALSE. While Corporation Tax applies to many businesses in Ireland, certain exemptions exist, such as for some small businesses or start-ups.

Step 3

3. A P45 is given to employees when their employment is terminated.

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Answer

TRUE. A P45 is a document provided to employees upon their termination, detailing their tax contributions and income up to that point.

Step 4

4. The existence of Tax Credits reduces the amount of Universal Social Charge to be paid.

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Answer

FALSE. Tax Credits typically reduce the amount of income tax owed, but do not directly lower the Universal Social Charge.

Step 5

5. Capital Acquisitions Tax is a tax on the profits made on the sale of assets.

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Answer

FALSE. Capital Acquisitions Tax is actually a tax on the value of gifts or inheritances received, not on profits from sales.

Write TRUE or FALSE after each of the following statements - Leaving Cert Business - Question 4 - 2017

Worked Solution & Example Answer:Write TRUE or FALSE after each of the following statements - Leaving Cert Business - Question 4 - 2017

1. Customs Duty is a tax on goods imported from outside the European Union.

2. Corporation Tax is applied to profits made by every business in Ireland.

3. A P45 is given to employees when their employment is terminated.

4. The existence of Tax Credits reduces the amount of Universal Social Charge to be paid.

5. Capital Acquisitions Tax is a tax on the profits made on the sale of assets.

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