Taxation Essay Example | Topics and Well Written Essays - 1500 words - 5

Taxation - Essay physical exerciseA good example is the when the tax revenue collected is allocated towards paying for government services such as the police, the military and the government administration. Taxes are also collected for purposes of subsidizing the needs of its citizens such as the concession of a staple food or education. Taxation carries the weight of bearing the load of administration as well as providing its citizens a chance to run their country. As taxpayers many people are precondition the opportunity over voting rights as well as social security and welfare in times of hardship.Consumption Tax It is a system whose tax base is inhalation. This includes the goods bought by an individual. The most plebeian is the VAT (Value Added Tax) and is added already on all legal goods that are being purchased.Excises Excise does non be on the quality of the object rather, based on quantity amount of tax payable is calculated. It modifies the consumption pattern of us er. If excise in alcohol is made high then, rate of alcohol consumption pass on definitely come down.Income Tax Tax imposed on financial income of the person is known as income tax. Income taxes are also inclusive of the profits of a business if the individual is self-employed. This tax is inclusive of a persons savings in correlation to the amount of money that has been saved. pollard Tax Poll tax is the fixed amount of tax that is levied to each and every individual irrespective of his/her financial strength. though they are cheap and easily manageable but, it has one basic drawback Poorer people need to pay higher proportion than rich persons.Property Tax Individuals who own property are required to pay a certain amount of tax. Inheritance taxes, Stamp Duties and a tax on gifts that you have made heptad years before an individuals death. This tax is also inclusive of all the properties a UK citizen has overseas whether or not money is brought into the