Tax? After Hearing the “TAX” word, many questions come to your mind.
Like :
What is Tax?
What is the history of Tax?
Why we should pay Tax?
What are the types of Taxes?
What is Tax?- The term “TAX” is derived from Latin word “TAXO”.
- A mandatory fee charged by the government on a Product, Income or Activity from every citizen
What is the history of Tax?- The first known system of taxation was is ancient Egypt time around 3000-2800 BC in the first dynasty of Egypt of the kingdom of Egypt.
- Early taxation is also described in Bible {In Genesis (Chapter 47 Verse 24 – The New International Version) It states – “But when the crop comes in, give a fifth of it to Pharoah. The other four-fifths you may keep as seed for the fields and as food for yourselves and your households and your children.”}
Why we should pay Tax?
- Social Welfare – Social Welfare and Social Security are one of the greatest benefits to the less Privilege, Homeless and those in need to enjoy without having a PayBack
- Sustain government – No government can sustain itself without Tax. This Tax is used to fund Government Project, Which is needed to keep the government alive. There is no government in the world today that doesn’t collect in one way or another and the reason is to reason is to sustain themselves.
What are the types of Taxes?
There are two types of Taxes:-
- Direct TAX
- Indirect TAX
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