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What Is The Purpose Of Taxation Essay
The tax (from the Latin taxo) is a compulsory business commission or other kind of charge levied upon the taxpayer (an individual or separate legal entity) by a governmental organization in order to fund various public expenditures. The failure to repay, together with evasion of or resistance to tax, is punishable by force. Taxes comprise of primary or indirect taxes and may be given in currency or as its labour knowledge. Most countries have the tax system in place to fund for public/common/agreed public needs and government purposes: Some charge the fixed percent rate of tax on individual annual income, some on a scale based on annual income amounts, And some nations impose virtually no tax at all, or a very low tax rate for a specific country of tax. Some nations pay the levy both on collective income and dividends; that is often referred to as dual tax as the particular shareholder (s ) receiving the cost from the company will also be levied some tax on that personal income.
Tax is the way by which governments pay their spending by imposing commissions on citizens and corporate entities. The primary aim of tax is to collect funds for the operation of the government machineries. All governments in this world will not get its administrative business without funds and it has no such method incorporated in itself to make income from its operation. Put differently, the government may get its administrative set up only through public support which is collected in this form of taxation. Taxes are charges imposed against the national’s own income or on property or for some specified act.
Section Seven deals with tax and business in Georgia. There are four Sections, each dealing with the power of tax; exemptions from ad volorem taxation; uses and methods of government tax and government liability. Forces of tax mentioned in the law include the restriction on grants of taxation powers; taxing power limited and uniformity of tax. Also included are the categorization of place; classification of rural land and utilities. Part iv's role regarding government liability is spelt out in eleven different paragraphs.
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