What are taxes?
They are mandatory charges you pay in almost anything today. It's a financial charge imposed on taxpayers by the government to pool for multiple public disbursements.
Taxes can be classified into direct and indirect tax. Direct tax is the tax you end up paying directly to the government, for example, the money that gets cut from your monthly salary. Taxes are roughly classified into income and corporate tax. Income tax is paid by an individual whereas corporate tax is paid by a firm or organisation.
Indirect tax, on the other hand, is the tax that is collected by a third or fourth party and then given to the government, for example, a shopping mall, restaurants, etc.
Why should I pay as taxes?
- The tax department will seize your business or impose heavy fines on it, and if you still insist on not paying you can even face jail time.
- It helps keep the countries' infrastructure developing for the better,
- Somewhere down the line our tax money also helps the poor and the needful. The money provides them with food, shelter, clothing, etc.
- Paying taxes helps keep the GDP stable and can also be used to help other countries with an unstable economy.
Other than these few reasons paying taxes is a sole duty of a person. So to help you with your taxes you can consider hiring associates from Accountants in Coombabah.
They are some of the best professionals who will help you with your tax issues.