Taxation is a term that is defined when a taxing agency levies a tax on someone which can be an individual or a business company. This taxing agency is usually the government and it imposes tax on tax payers. Taxation is different from other forms of monetary payments. For an instance market exchanges, in that consent is not required and its not directly tied or related to any services that are rendered. Taxation is compelled by the government through an explicit and implicit threat of force.
Taxation and Modern politics
Tax system differs according to time and the country. Taxation, in contemporary systems occurs in both, specific events like sales transactions and physical assets like property. Formulation of taxation policies is among the most contentious and critical issues in contemporary politics.
Why taxation takes place?
The primary motive of the government to levy taxes on the taxpayers is to fund governmental expenditures. Explanations and justifications for taxes have varied considerably throughout history. Earlier tax systems were there to support the top most or the ruling parties, building defences and raising armies.
Whereas later for tax systems justifications have been presented across
- Economic considerations
- Moral considerations
- Utilitarian considerations
While we talk about taxation and its policies, one important term that always comes is tax return. A Tax return is a form or forms that are filled with a tax authority that reports expenses, income and other types of tax information. There needs to be companies that help you fill your tax return easily and without hassles. The one like tax return in Bankstown can provide you with the best of services.