What is tax

Other[ What is tax ] Some types of taxes have been proposed but not actually adopted in any major jurisdiction. VAT is usually administrated by requiring the company to complete a VAT return, giving details of VAT it What is tax been charged referred to as input tax and VAT it has charged to others referred to as output tax.

It is an example of the concept of fixed tax. Multiple jurisdictions may tax the same property. In contrast with a tax on real estate land and buildingsa land value tax or LVT is levied only on the unimproved value of the land "land" in this instance may mean either the economic term, i.

The wholesale distributor will then continue the process, charging the retail distributor the VAT on the entire price to the retailer, but remitting only the amount related to the distribution mark-up to the government.

A notable example is the likinwhich became an important revenue source for local governments in the late Qing China. Rates of tax and the taxable base for corporations may differ from those for individuals or other taxable persons. Such upper or lower limits may apply for retirement but not health care components of the tax.

The fundamental conception of the term is that of a tax on articles produced or manufactured in a country. Sales tax Sales taxes are levied when a commodity is sold to its final consumer. Stamp duty is levied in the UK on the purchase of shares and securities, the issue of bearer instruments, and certain partnership transactions.

Many jurisdictions impose a tax on vehicles. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew Ex. Such states tend to have a moderate to large amount of tourism or inter-state travel that occurs within their borders, allowing the state to benefit from taxes from people the state would otherwise not tax.

Household goods are often exempt when kept or used within the household. Scotland was the first to be used to test the new poll tax in with England and Wales in In this way, the state is able to reduce the tax burden on its citizens.

Poll taxes are administratively cheap because they are easy to compute and collect and difficult to cheat.

Some tax scholars have argued that differences in the ways different kinds of capital and investment are taxed contribute to economic distortions. Proponents of land value tax argue that it is economically justified, as it will not deter production, distort market mechanisms or otherwise create deadweight losses the way other taxes do.

Excise An excise duty is an indirect tax imposed upon goods during the process of their manufacture, production or distribution, and is usually proportionate to their quantity or value. A small number of U.

Retail organizations contend that such taxes discourage retail sales. Wealth net worth [ edit ] Main article: Additional information can be obtained at the Federation of Tax Administrators website.Login to your MyTurboTax account to start, continue, or amend a tax return, get a copy of a past tax return, or check the e-file and tax refund status.

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What is tax
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