Information regarding Tax

Tax is to force a financial accuse or the other duty upon the common person by a state. If some body is failure to pay is punishable by law. Taxes are also force by many sub national entities. It consists of two type Direct tax and indirect tax, may be paid in money or as its efforts equivalent. It can be defined as a financial pressure laid upon individuals or the property owners to support the government. Tax is not a charitable payment or gift, but a compulsory contribution. The contribution made under the name of toll, tribute, excise, custom, subsidy, supply or the other name.

The route of taxation and government outlay of taxes raised is frequently very much debated in politics and economics. It is collected by government agency such as Canada Revenue agency, the internal revenue agency (IRA) in the US. When it is not paid a civil penalties or criminal penalties may be forced on the individuals or the property owners.

The finances provided by tax payers are used by states and their purposeful correspondent in many functions. The fund invested on war, protection of property, economic infrastructure (road, legal tender), public works, social engineering and the operation of the government itself. It is used for public service and welfare. This type of service can include education system, health care system and pension, unemployment benefits and many other public utilities.

Government can use different kind of tax and can vary the tax rate. It is done to distribute the tax load among individuals or the classes of people who pay the tax. The taxes pay for things we need in the world if don’t we should recognized them. When we drive on the road, the road made by the fund, we pay as tax to the government. We people are getting basic education and other basic facilities because we pay tax. When the country is in danger our taxes help the defense to protect us.