Questions Personal and Family

What is the purpose and importance of taxation?

Airtract

Shivani Mehul

Be the exception

For the citizen of every country, paying taxes must be the priority. Every government needs the tax to make their country better and let people live peacefully and happily. Paying the share of tax can eagerly contribute to the growth and prosperity of your country. There are various types of taxes.

According to different sources, the government collects taxes based on a certain set of rules and financial regulations. Such sources include fees, charges, taxes, penalties, and different foreign charges. 

Talking about the whole concept of tax, it started for Great Britain in the year 1799 for collecting revenue to fight against France. 

Take a look at the Tax Essentials

  • The Tax Payer will not receive any special benefit in return after paying the tax
  • The Government spends the tax on the benefit and common interest of the people
  • It is paid by those people who have got a substantial income exceeding the prescribed money limit

Important of Taxation for Individuals And the Government

For an Individual

  • Owning responsibility

Every individual must take accountability to pay taxes if their income is surpassing the prescribed limit. They must know the importance of paying taxes and must not hesitate to pay it for the welfare and betterment of the nation. 

  • Keeping Accountable Income for the Government

By paying taxes, you can make a transparency with the government for every money you make. This is useful whenever you go ahead to buy a house, property or any barren land. 

For the Government

  • Major Funding Source

The government’s main source of fund is the inevitable taxes which they use for the betterment of the nation. It can make the country, developed, disease-free and prosperous. 

  • End Corruption

Black money is present in all countries though the number generally varies. The government should levy strict rules, gain taxes and gradually improve the country’s economy.

The main purpose and the importance of tax are to make human lives more comfortable. For the entire world, humans are the main driving force that drives the economy. Therefore, if everyone learns the importance of taxation, people can pay them and learn to help the government in different ways.

Read more:  What happens if you don't file your taxes?

Personal and Family Courses

Airtract FLASH SALE

Soft Skills: The 10 Soft Skills You Must Have in W...

LinCademy for Training

0 (0) New Course

Soft Skills are those unique attributes that facilitates great communication. They can be the special way that you show confidence in challenging situations. These and other events can become more ...

21.12 mins 0 Students Enrolled 21 Lectures

$19

87.33 % off $150

$19

Buy Now

Philosophy of mind, Ontology and nature of the min...

S L Solaiman

0 (0) New Course

The philosophy of mind covers all philosophical topics pertaining to the mind and mental states. Its subtopics can be divided in two main ways. First, by the traditional divisions drawn between kin...

8 hrs 35.9 mins 0 Students Enrolled 15 Lectures

$ 0.00

Free Enroll Now

Learn Secrets of Body Language & Tonality & Impres...

Mayur Pangrekar Verified

0 (0) New Course

Welcome! Your communication starts even if you have not uttered a single word from your mouth because your body is already sending signals to your listeners. In addition to your verbal communicatio...

54.56 mins 1 Students Enrolled 9 Lectures

$ 0.00

Free Enroll Now

Improve Communication Results & Become Effective L...

Mayur Pangrekar Verified

0 (0) New Course

Welcome! Do you want to learn how to become effective and efficient in your communication, then this course is perfect for you. This course is designed with hyper-efficient methods so that you ...

1 hrs 25.58 mins 1 Students Enrolled 13 Lectures

$ 0.00

Free Enroll Now
View All
Item added successfully. Go to cart for checkout.
Accept Reject