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Tuesday, June 3, 2008

WHAT IS TAX??

Hi Friends...
Do you know What is tax?

A tax is a financial charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state. Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid). A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government a payment exacted by legislative authority."A tax " is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."

In modern taxation systems, taxes are levied in money, but in-kind and corvée(A formal tax that peasants paid) taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The method of taxation and the government expenditure of taxes raised is often highly debated in politics and economics.

Tax can result in anything from the mechanisms of slavery to the fruits of re-distributive social revolution, depending on the details of its implementation.


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myi4u said...

Hmm... I do not really like tax especially when I see the local council did nothing to improve the area and a portion of my salary is taken away every month. Sometimes, I even think that the taxes that we paid are misused by the corrupted personnel.

Nice and polite blog ... have a nice day ...

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