Most countries charge a tax on an individual's income as well as on corporate income. Some countries levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent.Īll countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. The first known taxation took place in Ancient Egypt around 3000–2800 BC. Tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs.
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities.
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