Taxation refers to compulsory or coercive money collection by a levying authority, usually a government. The term “taxation” applies to all types of involuntary levies, from income to capital gains to estate taxes. Tax systems have varied considerably across jurisdictions and time. In most modern systems, taxation occurs on both physical assets, such as property, and specific events, such as a sales transaction.
The most basic function of taxation is to fund government expenditures. Therefore all entities earning monies through any means are legally required to pay taxes by submitting their statements of income annually to the Inland Revenue. There are various ways taxes are collected and from different categories. We will take away all complexities and help you resolve all your legal compliance issues with your best interest at heart.
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