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The Chancellor of the Exchequer has decided to raise the duties payable on petrol. Assess the likely impact of this policy on the markets, which arelikely to be affected.
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Ivor Lloyd-Rees The Chancellor of the Exchequer has decided to raise the duties payable on petrol. Assess the likely impact of this policy on the markets, which are likely to be affected. Taxes can be divided into those that are direct or indirect. By direct we mean those taxes levied on the income, wealth, profits of persons and companies. The personal income tax is the best example. The duty payable on petrol i.e. the excise duty is indirect, as it is a tax levied on expenditure on goods and services. Ultimately, however, the burden of taxation is borne by the individuals. It is still a useful way of classifying the taxes and one that I will continue using as 'direct' taxes reduces money income; indirect taxes raise prices. VAT is an indirect tax, however, it is not specific. Excise duty is. What this indicates is that the amount of tax levied...
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