Facebook Twitter Instagram
    Facebook Twitter Instagram
    Marketing2BusinessMarketing2Business
    • Definitions
    • Marketing
    • Business
    • SEO
    • Digital Agencies
    • Advertisement
    Marketing2BusinessMarketing2Business
    Home » Definitions » What is Tax? Types of Taxes (Income Tax, Production Tax, & Assets Tax)
    Business

    What is Tax? Types of Taxes (Income Tax, Production Tax, & Assets Tax)

    marketing2businessBy marketing2businessMay 18, 2019Updated:December 17, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    What is Tax Types of Taxes (Income Tax, Production Tax, & Assets Tax)
    Share
    Facebook Twitter LinkedIn WhatsApp Pinterest Email

    Definition

    The word tax has its origin in the Latin term impositus. The concept refers to the tax that is recognized, and it’s required according to the economic capacity of those who are not relieved from paying it.

    The guerrilla or terrorist groups, on the other hand, usually talk about the revolutionary taxes to refer to a system that allows gaining financing through extortion and threats.

    It has the particularity of not being based on a certain or direct consideration by the claimant. Its objective is to finance the expenses of the creditor, which is generally the State.

    Income Tax

    The taxpaying capacity means that those who possess higher taxes must be paid. However, this is not always true, since other causes are regularly prioritized: the increase in collection, the dissuasion of buying a certain product, the promotion of certain economic activities, etc.

    Among the essentials of a tax, appear the assessable occasion (the situation that persuades the expenditure commitment rendering to the law), the duty rate (the extent that must be connected by the duty base to set up the computation of the expense).

    Tax Rate

    The tax rate (the sum relating to the tax) and the duty obligation (the significance of lessening the amount with origins or expanding with additional charges).

    According to the economist Bielsa, the taxes consist of that part of the wealth that the State establishes and demands from taxpayers whose objective is to raise funds to use them in public expenditures.

    On the other hand, Fleiner expresses that they are benefits that the State and certain Public Law entities demand from citizens to satisfy their economic needs.

    Also Read: https://www.marketing2business.com/definition/bank-accounting/

    The first classification of it establishes that there is a direct tax when the economic situation is evaluated, as it happens with the patrimony or the rents, and an indirect one when what is taxed and conditioned is the consumption or the expenses made in a certain period. This classification is made taking into account who is responsible for the tax and is the most used.

    There is a second taxonomy, in comparative (the fee is established in a fixed percentage, such as VAT or territory tax), regressive (as the value subject to it increases, a decreasing rate is established) and progressive (the rate varies, growing or decreasing in relation to the increase or decrease of the taxable amount, the inheritance or the complementary global tax, for example).

    List of some taxes

    There are taxes on various activities; all of them are cited in the National Constitution of each country. Some taxes can be:

    Income Tax:

    It is applied to the income that has natural or legal persons, residing in the country or abroad. According to each country, the percentage payable varies, but it is a tax that is present in almost all nations with a capitalist regime.

    Value added tax (VAT):

    According to the activity carried out by each citizen and the profits received by it, he must pay a percentage to the taxes collection. In the constitution, the percentages are established according to each activity performed.

    Taxes on production and services:

    It is the one that applies to certain products, such as alcoholic beverages, tobacco, packaged waters. Also included in this type of taxes are the commission, agency, and consignment services that have been declared in the law.

    Taxes on assets:

    Those people who engage in such business must pay this taxes about goods that possess that can have a monetary value.

    Also, there is a taxes on the possession of vehicles, provision of telephone services, and acquisition of real estate, among many others.

    To finish, we will define a fundamental concept when talking about taxes, the tax credit. The tax credit is understood as all the money and assets that are linked to the tax law. The collection of certain taxes, such as the one printed on Income or Value Added, have the character of tax credits.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    marketing2business

    Related Posts

    In What Ways Does Ethereum Work, And What Is It?

    February 14, 2023

    6 Solutions that Support Scalability for Rapidly Growing Businesses

    February 13, 2023

    5 Things that can Surprisingly Influence your Company’s Brand Image

    February 13, 2023

    Different Ways That Manufacturing Businesses Can Market Themselves

    January 20, 2023

    What is content personalisation, and how can you leverage it in your overarching strategy?

    January 12, 2023

    What is the Distinction between an ISA and a Savings Account in Singapore?

    January 10, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Post

    How To Find [pii_email_673cef90e3e8a763062b] Error Code Solved

    Technology

    pii_email_673cef90e3e8a763062b – Many error codes like [pii_email_673cef90e3e8a763062b] can arise when using Outlook. If you are…

    Key Method to Solve Outlook [pii_email_6afa1c80745bd104acf9]

    March 21, 2023

    What Is Vacuum Leak Tester and How to Choose One?

    March 2, 2023

    Things That Could be Stopping Your Business Progress

    February 21, 2023

    How to Make Passive Income from Real Estate Investments?

    February 14, 2023

    In What Ways Does Ethereum Work, And What Is It?

    February 14, 2023
    Popular Post

    What is SME? Find It’s Advantages & Disadvantages.

    August 3, 2019

    Ways A Business Can Profit From Professional Translation Services

    November 3, 2022

    6 Ways to Optimize Your Images to Rank

    May 19, 2021

    What is International Marketing?

    March 31, 2019

    5 Elements Needed for a Premium Business Card

    May 24, 2021

    What is Content Scraping? – Definition, Examples, and More

    April 14, 2020

    Five Tips for Funding in a Start-Up Company in 2020

    April 25, 2022

    Exchange Rate? The Calculation, Necessity, And Who Regulates it.

    January 20, 2020

    Workflow Optimization: 8 Reasons to Outsource More

    February 28, 2020

    What is Process Mapping? – Purpose, Understanding, and More

    April 22, 2022

    Subscribe to Updates

    Get the latest post from Marketing 2 Business about definitions, marketing, business, seo, digital agencies and advertisement.

    About Us
    About Us

    Marketing2business provides brand management solutions. We are committed to bringing ideas, inspiration, strategy, and tools to help our customers grow their business and achieve success.

    Recent Post

    How To Find [pii_email_673cef90e3e8a763062b] Error Code Solved

    March 23, 2023

    Key Method to Solve Outlook [pii_email_6afa1c80745bd104acf9]

    March 21, 2023

    What Is Vacuum Leak Tester and How to Choose One?

    March 2, 2023
    Random Post

    10 Powerful Email Marketing Secrets That Will Skyrocket Your Campaigns

    May 28, 2020

    Tips for Making Your Supplement Business Stand Out

    April 24, 2022

    Check Out These 7 Tips To Get Your Payday Loan Sanctioned Successfully

    January 25, 2021
    Facebook Twitter Instagram
    • About Us
    • Blog
    • Contact Us
    • Advertisement
    • Privacy Policy
    © 2023 All Rights Reserved by Marketing 2 Business.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version