Notes On Taxation And The Informal Business Sector Essay

The government uses taxes to subsidize universities and students. In order to achieve this, the government needs higher tax revenue to create money for subsidies.

The tax system was created as a way for the government to raise revenue and provide services on the behalf of those who pay those taxes. The burden of the level of taxes paid by the citizen seems to continue to increase, but the purpose of tax exemptions, according to the Louisiana Budget Project, is to encourage certain activities-such as economic development, the hiring and training of the unemployed, and the development of low-income housing. The

Income tax is considered to be one of the greatest ways that a country amasses wealth through known means from the public in order to use the funds for the benefit and welfare of the community. Since a very long time, there have been many discussions and debates on the way the finds collected for income tax have been spend. There are many who think that there is a lot of mismanagement and feel that the amount of the actual money spent on welfare of the community is far less that what gets collected by the country.

At the core, taxes are the mechanism by which a government is funded. Taxes pay for public education, public transportation, law enforcement, and to build public roads.

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

The fact of life, is that money is needed to live in this day in age. It is used from buying a simple carton of eggs to running basic government operations. . Over the years government spending has increased from 10 percent of the GDP (gross domestic product) in 1929 to 34 percent of the GDP in 2015. To be able to spend money of this gratitude, people are required to pay taxes. Two categories of taxes progressive and regressive, which defines how much a person pays. A progressive tax requires high-income groups to pay a larger percentage than low-income groups. Regressive taxes require low-income groups to pay a larger percentage than high-income groups. There are many different types of taxes such as property taxes, state sales taxes, selective sales taxes, state income tax, and corporate taxes. Some states such as Louisiana has to have cutbacks because of a gap in the state budget which can be partially accredited to tax breaks, so they take revenue from places like university funding, and healthcare.

Taxation is a scheme where one or more individual or a company or a group of companies or similar legal entities paying certain amount of money from income, product or service to the government to progress the country?s infrastructure. The intention of imposition of tax to the residents, either individual or company, by the administration is to help government financially so that government can pursue development task for the country. However, the amount of tax will always depend on the financial stability of a country. To make the taxation scheme more effective, the taxation system and its law necessity to be more effective. Depending on country?s circumstances, taxation system is also very to one jurisdiction to another. However, in this essay, the discussion will focus on the two jurisdictions namely Australia and Bangladesh and the discussion will concern specifically to the function of the two authority to collect tax from two jurisdiction, different number using in two different jurisdiction to identify taxpayer, sources of income tax between this two jurisdiction, accounting system among them, the other sources (apart from income tax) of tax, the system to bring action against the tax authority among the two jurisdiction and

Business Taxes also known as corporate tax is imposed by the government on the businesses, which becomes government's income that it uses in development and welfare work (Cope, pg. 19). Corporate tax is an expense for the business but if it is too high the business will be reluctant to pay these taxes this might even increase the chances of tax invasion. Business might also try to shift the taxes incidence on the buyers in the term of high prices, which might give rise to inflation, on the employees in terms of low wages that might make standard of living low, and on the shareholders in terms of low profit causing them to withdraw their investments. Although this all seems not so serious but apart from these private cost on the employees, customers and shareholders it also increases the social cost. When businesses especially ones, which sell goods whose prices elasticity of demand is elastics, cannot increase prices they look for ways to cut down on the quality or the quantity of the product in order to reduce their cost of production and to increase their profits. This decreases incentive to produce and therefore the GDP is affected. In order to cut down on the cost of production they use resources of poor quality, which harms the environment in term of air pollution. Furthermore which burden of high taxes on them they might ignore the necessary laws of disposing of the waste from the factories in a proper way. The dreadful effect of raise In the prices of

Governments around the world have become masters at imposing taxes. In the United States there are a lot of different taxes imposed from city, county, sales,

Of the 13 sources found, all of them support the notion that there is a definite negative correlation between taxes and economic growth. In the studies chosen controls were created to include other factors such as business climate conditions, monetary policy, and government spending. Of the studies selected, the ones that distinguished between the types of taxes proved to be the most beneficial. The ones that focused on personal income taxes, consumption and property taxes followed closely behind.

Individual income tax if were to be reframed depending on ability to pay, the mechanical complexities of that system could be rationalized and significantly reduced. The introduction of EFD machines in Tanzania in the first phase of VAT registered traders was much easier because many business

Taxation is said to be the means by which the government finance their expenditure by imposing charges on individual citizens and corporate entities. Tax is a compulsory monetary contribution to the state’s revenue that is assessed and imposed by government on the activities, enjoyment, expenditure, income, occupation, property of individuals and corporate entities. It can also be the financial charge or other levy which is imposed onto a taxpayer by the state or the functional equivalent of the state in that failure to pay, or evasion of or resistance to collection, is punishable by law. Basically there are two types of taxes, which are the direct taxes and indirect taxes. Direct taxes are levied on the income, profits, or other gains and are deducted at source and paid directly to the tax authorities. These include corporate tax, property

The term 'tax' has been derived from the French word taxe and etymologically, the Latin word taxare is related to the term 'tax', which means 'to charge'. Tax is an obligatory payment in the part of the citizen without the expectation of any direct benefit. Taxation is the obligation of non-penal, yet compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received. It is one of the major sources of public revenue.

Write an analysis of the developments of the taxation system in Zimbabwe from pre to post colonial Zimbabwe (25)

In general, tax can be defined as a levy or other type of a financial charge or fee imposed by state or central governments on legal entities or individuals.