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Best UK, USA, AUSTRAILIA, CANADDA, UAE Taxation Assignment Help online services

In our daily life we hear the word tax many a times. Service tax, value added tax, duty tax etc. are a few types we incur on a daily basis. Well, a tax is a compulsory payment put over any company or person, by a government for utilizing their benefits such as roads, electricity etc. for their own purpose. From business studies point of view, the concept of taxation should be clear in the mind of a student if he/she wants to approach entrepreneurship. In our Taxation Assignment Help we deal with all the negotiable terms related to taxation and provide our clients with a contemporary written document for their academic purpose.

Brief discussion over taxation terms

A tax is a considered to be paid compulsorily by every citizen of a country. The utilization of tax paid by the citizens is done in their benefit by providing facilities from the government. No quid pro quo whatsoever is involved in payment of taxes. An individual cannot demand from the government for any specific kind of service, as the government will only provide services keeping in account the masses. Tax is with caution distinguished from a fee. As our Taxation Assignment Help team suggests fee is paid to receive any particular service, for example we pay monthly fee to cable network to show us a defined set of channels. While tax differs from fee as its benefits are distributed over masses.

 

Classification of taxes

Taxes are widely classified or categorized in the following terms.

  1. Direct and indirect taxes: these taxes are differentiated on the terms of their burden. The meaning lies in between whether the burden is handled by the government and the individual or the burden is shifted to others also. For example if the tax paid by a person bears the burden of it and does not shift it to others, it is called as direct tax. Taxes like income tax and annual wealth tax are such that comes under direct tax. While indirect taxes are those whose burden can be transferred to others too so that the ones paying the taxes are not carrying the whole weight of it. For example the excise duty charged over sugar production is an indirect tax.

  2. Specific and ad-valorem tax: these are rather the classification of indirect taxes. Tax per unit of a commodity, independent of its price is called the specific tax over that commodity. Amount of specific tax changes with the amount of sales of the commodity. Ad-valorem tax is implied over any commodity after checking its value. Sales tax is a type of ad-valorem tax.

  3. Progressive, proportional and regressive taxes: the same rate of tax is charged independent of the magnitude of the base. For example the rate of income tax would be 20 percent over every individual independent of the individual’s size of income.  Progressive tax defines the increased rate of tax with the increased size of income. Tax rate goes higher with the principle underlying a progressive tax. Regressive tax is quite opposite to progressive tax as in this the tax rate reduces itself with the rise in income size.

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