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Government Grade 8
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Who is the current minister of finance of South Africa?
Enoch Godongwana
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What is a direct tax?
A tax imposed on an individual and paid directly to the government.
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Can a direct tax be avoided?
No
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What do we call the tax that businesses pay?
Company tax
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Name 3 indirect taxes.
Value added tax (VAT), Fuel tax (fuel levy), Import tax (customs duty)
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When do you have a surplus?
When you have money left over after you have paid all your expenses.
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What is an indirect tax?
A tax on a transaction and not a person.
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From which other sources, except taxes, can government get income?
State-owned enterprises and other service fees
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What do we call the tax that individuals pay on their salaries.
Income tax
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What is revenue?
Money received as income
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What is expenditure
Money that is spent.
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Do all individuals pay the same amount of tax? Why/Why not?
No, the higher your income the more tax you will pay.
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Do only individuals pay direct taxes?
No, businesses also pay direct taxes.
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Can an indirect tax be avoided?
Yes
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What is the National budget?
The budget of the government.
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I which month does the minister of finance present the national budget to parliament?
February
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