Advantages And Disadvantages Of Taxation In Malaysia

Once in life time every individual would like to travel across the different places among the different countries which will change once minds and mood. To travel and explore the places one need interest as well as the money for it and the people with low income choose the optimized way to travel to different places. Considering the Malaysia as the place that need to be explored then one should think of all the constraints of how to travel, and what are the minimum amount that one need to spend for traveling, and the places that mainly need to be visited being an outsider as Malaysia is one of the beautiful place with wonderful creature.

National sales tax is considered regressive, in which it means the poor people would have a heavier burden to hold on them. Many people also would lose their jobs considering the tax industry would end up destroying. With these cons showing in this tax, makes it a good reason to not put it in our system today.

Taxation surrounds us in the world. Individuals fear tax, and a majority of the items we use and need are taxed. Even on topics such as Celebrities and the Olympics, taxation manages to find its way to still come up.

Taxes are essential for they enable the economy to function more properly. Taxes are useful for funding programs such as, public transportation, education, and health care services, however, taxation on goods and other resources can negatively affect individuals whose socioeconomic status is low. In my opinion, taxation has different effects on different areas of our economy, taxes do affect American citizens as well as the economic policy by raising or lowering the amount of income the government receives.

2. What are the benefits of taxes for societies and individuals? The taxes can be used for anything that needs work on or whatever they can use or need it for. So it helps a lot with things like constructions, transportation, and anything in the city or state.

inhibits innovation Taxation Government must tax in order to provide the public with things it needs. T thrash our pockets A abolish investment and work decisions X Xceptions can be made But taxation has it's

Disadvantages: unlimited liability, limited life, difficulty in transferring ownership, hard to raise capital funds. Some advantages: simpler, less regulation, the owners are also the managers, sometimes personal tax rates are better than corporate tax rates.

Taxation is by which governments finance their expenditure by requiring costs on corporate entities and citizens. The government uses tax to discourage or encourage certain economic choices. Example, reduce in taxable personal or household rent by the amount paid as interest on home contract loans results in greater construction activity and generates more jobs. An essential function of taxation is to support government expenditures. Different justifications and explanations for taxes have offered throughout history. New taxes were used to support ruling classes, raise armies and build defenses. Often, the authority to tax stemmed from a divine or supranational right. Taxes are significant source of revenue, and its collection is one of the most important functions performed by the state

Taxes are accumulated from the people for two main purposes in today’s world. First, they are used to provide for a number of public goods, such as infrastructure and public education. Second, these taxes are used to redistribute income from the economically successful to the less successful. Taxes are a massive component for any country; they are used to help grow and provide for a number of sufficient facilities to its numerous citizens. Without taxes in our country, it is extremely hard to fund the systems that are a necessity for society to operate as it should. Tax rates depend upon a country’s economic and social goals. In the following paragraphs, the views of America’s liberals, conservatives, and then my personal views on this topic will be shown.

Tax and taxation has been variously defined by different authors. Oyegbile (1996) defines tax as a sum of money paid by citizens of a country, state or community to the government for public purpose. According to him taxation is one of the sources of income for government; such income is used to finance or run public utilities and perform other social

All over the world, governments undertake huge public expenditure on behalf of their citizens for the provision of basic amenities and other social services. To meet up with these responsibilities, governments thus require substantial amount of funds. Among the various sources from which can generate income, taxes are the most important and most reliable; contributing much more than any other source. A tax therefore, is a compulsory levy imposed by the government on the income, profit or wealth of an individual, family, community, Taxation is the inherent power of the state, exercised through the legislature, to impose financial burdens upon subject within its jurisdiction for the purpose of raising revenues to carry out the legitimate duties of government (Kenned & John, 2014)

Regardless of all facts on taxes about the advantage and disadvantage, it is more practical if we include more opinions on how the nation handle taxes in this centuries. Due to there are different perspective in each of every people, some people may not prefer having tax money and more to keep all the earning to themselves, and half of the nation might agree on federal government is not fair due to the percentage that has given to the citizen. But however, there are also some people who cared more for their tax money because they still believe it can save the economy not to themselves.

Malaysia is a democratic country with excellent economic system. We are one the leading country in economic terms and being an example for the economy system we are using. In Malaysia, we are into mixed economy system. This economy system is the leading type of economic system that is used in most of the countries such as United States. Mixed economy system includes a mixture of capitalism and socialism. It combines private economic freedom, centralized economic planning and government regulation. Government plays major role in economic growth as well as distribution of wealth. For example, our government collects tax and provides subsidies at the same time for the public.

Further taking the economic perspective into account, this would even help the nation as a whole by increasing its total production and achieving economic growth. This in turn could lead to greater equality amongst the citizens and the whole theory about levying taxes prospective in nature could be dropped without having any arguments.

Continuous rapid economic growth has raised Malaysia from an agricultural and commodity-based low-income economy to a successful middle-income economy. As a mixed economy, Malaysia has elements of a free market economy nevertheless with intervention government. Malaysia's economic activity consist of a mixture of sectors whereas mixed of capitalism and socialism The strong economic performance has helped improve the quality of life for Malaysians and supported advances in education, health, infrastructure, housing and public amenities and others.