Tax: Difference between revisions
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<li>[[ | <li>[[Direct tax]]</li> | ||
<li>[[ | <li>[[Takaful]]</li> | ||
<li>[[Budget expenditure of the local government]]</li> | |||
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<li>[[ | <li>[[Non-profit organization]]</li> | ||
<li>[[ | <li>[[Beneficiary Of Trust]]</li> | ||
<li>[[Consumer income]]</li> | |||
<li>[[Gross revenue]]</li> | <li>[[Gross revenue]]</li> | ||
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The term “tax” comes from the Latin taxo, what means rate in English. A tax is usually defined as e financial charge or other levy imposed upon an individual person or legal entity, which is named as “taxpayer”, by a state or the functional equivalent of a state such that failure to pay is punishable by law. | The term “tax” comes from the Latin taxo, what means rate in English. A tax is usually defined as e financial charge or other levy imposed upon an individual person or legal entity, which is named as “taxpayer”, by a state or the functional equivalent of a state such that failure to pay is punishable by law. | ||
Revision as of 00:35, 20 March 2023
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The term “tax” comes from the Latin taxo, what means rate in English. A tax is usually defined as e financial charge or other levy imposed upon an individual person or legal entity, which is named as “taxpayer”, by a state or the functional equivalent of a state such that failure to pay is punishable by law.
Functions
- Money earned by taxation are used by states and their functional organs in order to carry out many functions. The functions in question usually comprise war expenditures, the enforcement of law and public procedures, property protection, economic infrastructure like roads and legal tender, public works, social engineering and government activities. A part of taxes are also used to pay off the state’s debt, as well as the interest this debt accumulates. State governments may also used taxes to fund welfare and various public services, such as: education systems, systems of the health care, pensions for elderly citizens, unemployment compensations, public transport etc.
Division
- Taxes may also be imposed by various administrative divisions, and they are usually divided into direct and indirect taxes, which may be paid in money or in form of labour equivalent.
Types of taxes
- Income taxes – Various jurisdictions tax the income of individuals and company entities or corporations.
- Social security contributions – Comprising publicity founded retirement or systems of the health care.
- Payroll and workforce taxes – Unemployment and similar taxes, which are often imposed on employers on the basis of the payroll.
- Property taxes – Recurrent taxes are usually imposed on immovable property named as real property. What's more, recurrent taxes may also by imposed on the net wealth of individuals and companies.
- Taxes comprising goods and services. These taxes are usually divides into:
- Value added tax (VAT) – it is goods and services tax.
- Sales tax
- Excises
- Tariff
See also:
References
- Scholes, M. S. W., Scholes, M. A. M. S., & Wolfson, M. A. (1992). Taxes and business strategy: A planning approach (No. 336.51/S36t).
Author: Julia Pasierbiewicz
