In this short revision video we cover the topic of indirect taxes. The UK government raises over £785 billion a year in taxes – equivalent to around 37% of GDP. The majority of tax revenue comes from three main sources: income tax, National Insurance contributions (NICs) and value added tax (VAT). Overall, around 10 per cent of total tax revenues come from indirect taxes and this is worth bearing in mind when assessing changes to the UK tax system.
#aqaeconomics #ibeconomics #edexceleconomics
