Press Release Summary: There are only two certain things in the world, death and taxes. Whatever an individual do, taxes are always part of their individual transactions.
Press Release Body: It is the bloodline of all the government in the world, the very source of financing to make it operational. While most of the taxpayers view it as a burden, taxes are always a matter of duty as a citizen of the country. Without it, basic services and protection will not be possible.
Taxes are the source of revenue of a government. Imagine if the government does not levy taxes to its citizen. There would be no way to finance infrastructure projects like bridges and roads, military defense will be absent enabling countries to invade, no one to run the affairs of the government, and most of all daily life will be miserable especially when domestic needs for security is absent. In this way, the benefits of taxes outnumbered the value a tax payer will pay.
Tax also served as the agent of distribution of wealth. Taxpayers are bracketed accordingly based on their individual income. While the bigger the income is, the larger the amount the tax will be levied on him. However, numerous high income earners evade taxes by fraudulent means. This is where the internal revenue agency comes into picture. The revenue agents are vanguards of taxes making sure that amount is levied equally based on individual taxpayer bracket. In some countries with stricter laws, tax evaders usually pay the grave consequence of avoidance. However, there are countries that have been refuge of the crooks when they use bribery to lessen and even avoid taxes. While different government approaches taxation in different ways, it is usually the taxpayer who will be affected must be considered most.
When a certain commercial item is unnecessary and health hazard, tax came to the rescue. Acting as deterrence, high taxes are levied on items which are luxurious like cars, yacht, ship, and other accessories, and health hazard items like cigars and alcohols. Luxury is a privilege that can only be afforded to those who can pay thanks to the higher taxes levied on luxurious items. These items are considered as idle and is not usually beneficial towards every citizen on their economic needs. Cigars and alcohols are usually taxed higher to discourage everyone to buy them because of the health hazards that are attributed to these items. While these items have the burden of taxes, certain entities are exempted in other countries. Basic commodities and medicine in the developing countries are exempted to any forms of value added tax so that it can be sold at an affordable price to the consumers. In this manner, taxation is not only a source of revenue, but a protector of the welfare of the citizens as well.
While most of the developed countries levied high rate of taxes to its individuals, it is usually compensated on the quality of basic service the government offers to its taxpayers. Taxation is justified on standard of living and the quality of life a citizen may be enjoying. To know more about Finance and Credit Card information, please visit http://www.creditcardapplication4apply.info
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2025
