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What is revenue?
Money received as income
What is expenditure
Money that is spent.
When do you have a surplus?
When you have money left over after you have paid all your expenses.
Do only individuals pay direct taxes?
No, businesses also pay direct taxes.
What is a direct tax?
A tax imposed on an individual and paid directly to the government.
What is an indirect tax?
A tax on a transaction and not a person.
Name 3 indirect taxes.
Value added tax (VAT), Fuel tax (fuel levy), Import tax (customs duty)
What do we call the tax that businesses pay?
Company tax
What do we call the tax that individuals pay on their salaries.
Income tax
Do all individuals pay the same amount of tax? Why/Why not?
No, the higher your income the more tax you will pay.
Can a direct tax be avoided?
No
Can an indirect tax be avoided?
Yes
What is the National budget?
The budget of the government.
I which month does the minister of finance present the national budget to parliament?
February
Who is the current minister of finance of South Africa?
Enoch Godongwana
From which other sources, except taxes, can government get income?
State-owned enterprises and other service fees
