There are many forms of tax, and they vary in the tax rates. This difference in the types and rates of tax is for the distribution of the tax burden among many individuals and classes that exist in the population. These individuals are involved in various businesses and taxable activities in history the noble people were supported by the taxes that were imposed on the poor people, in the modern social settings, the taxes are intended for the support of the poor people, the retired and the disabled people, this is managed through the taxation of the working class individuals. Some countries use tax to fund military and foreign aid, and influencing the macroeconomic performance of the economy (Smith et al 56).
The taxation system of any country or nation is a reflection of the communal values and the value of those in power. The government in determining the distribution of the taxes must make a critical choice and who is eligible for taxation. The government also has to determine how the tax collected will be utilized. In most democratic nations, the people elect members of the tax system who are in charge of the system. The choices made reflect the community, which the public wishes to create (Smith et al 90).
The public is often dissatisfied with the way the government utilizes the funds collected fro taxation. Taxes that levied for the funding of government projects and programs are deviated later to the general government funds. In the other case, the taxes are collected using inefficient methodologies that leave the public dissatisfied (Hopkins 37).
Taxation creates distortion in the market and these results in economic inefficiency. Other individuals argue that most, if not all, forms of taxations are immoral. This is because they are involuntary in nature and an individual does not have the option of forfeiting taxation. This is considered tax fraud and can lead to imprisonment ...
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(Tax in General Essay Example | Topics and Well Written Essays - 500 Words)
“Tax in General Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.net/education/521747-tax-in-general.
The paper intends to examine and present importance of direct and indirect taxes and its implications; revenue generated by tax against total government spending; progressivity of income and corporation tax in UK; responsibility of notification of income and payment of tax for income tax and corporation tax separately.
Tax avoidance is a means to escape from taxation, which is allowed and sanctioned by law. A taxpayer committing this will not be legally held civilly or criminally liable to the government provided it is used in good faith and within the process allowed by law, otherwise the taxpayer will be committing tax evasion which is a crime.
Internal Revenue Code contains a table of contents that shows all the tax topics covered in the code. The code also contains a glossary that explains major terms used in taxation. The internal revenue code contains more than fifty words that are well defined.
The assessment rules for corporation tax are very similar to the income tax assessment rules for individuals. Companies are required to file their returns for a financial year which is a period of 12 months from April 1st to March 31st. According to s 8(1) of ICTA 1988, the general scheme of corporation tax is that a company has to account for all the profits that it has made regardless of the sources.
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ng into these taxes, we need to understand the records to be maintained for an ongoing business concern or a proprietorship concern for that matter getting converted to a company format. These include:
Formation of a company has major benefits in terms of liability of partners
A lot of people are coming up with ways to fix both problems. One way is to levy higher tax on sugary beverages like soda. This will discourage people from overfly engaging in soda drinking on the one hand and increase the government’s earnings on the other.