Taxes: A General Overview
Taxes here, taxes there, taxes everywhere we go and everything we do. Are you tired of hearing the word taxes? The first thing that always comes in our mind when we hear tax is the burden we still need to pay. But where do our taxes really go? In government funds and projects or in government’s bonuses and pockets? Well I can’t really tell that either. But what I can tell you is are the different taxes in existence.
Well first, what is tax? Tax is a contribution imposed by the government on people and firms to earn revenues. With these revenues, the government could have funds for projects such as education, health, infrastructures, national defense, and other services.
The most common types of taxes are:
* Income Tax is a tax on ...view middle of the document...
The best example is the Real Estate Tax, tax on land or building owned.
* Excise Tax is imposed on all produced and sold in the country. Examples are liquors and cigarettes which just had been recently increased.
* Value Added Tax is an indirect tax imposed on the value of products and services consumed by the individuals.
* E-VAT is an expanded version of value added tax. It covers products and services not covered by VAT but not including primary products and services. Examples of these are imported meat, non-life insurance, property rights, professional fees, etc.
So these are the different taxes that people needs to pay. However one may look at taxes, one cannot avoid paying them and they are really necessary for the country.
Did You Know?
Did you know that the first documented mention of taxes was in the first book of the Bible Genesis 47:25 when Joseph instructs the Hebrew people to give a fifth of their crops to pharaoh as a tax. Pharaoh would conduct an annual tour around the kingdom collecting the taxes from his people. Records of granary receipts have been found on papyrus and limestone.
Did you know that the paper torn by Andres Bonifacio and the Katipuneros during the cry of Balintawak was the “Cedula’ or the residence tax imposed by the Spaniards. These are Cedula personal or personal identity paper, where all indios are required to pay for personal identification.
Did you know that during the various reins of the Egyptian Pharaohs tax collectors were known as scribes. During one period the scribes imposed a tax on cooking oil. To insure that citizens were not avoiding the cooking oil tax scribes would audit households to insure that appropriate amounts of cooking oil were consumed and that citizens were not using leavings generated by other cooking processes as a substitute for the taxed oil.