The Best Taxation |
The main aim of taxation is to generate revenue for governments to finance essential public expenditure like infrastructure, education and defence besides regular government operations. Taxation laws world-wide are diverse with developed nations collecting revenue through income taxes or direct taxes while developing ones rely significantly on trade taxes/consumption taxes or indirect taxes. Most countries use a mix of direct taxes including corporate tax and indirect taxes including value-added tax and general services tax. Taxes are also used to reduce income inequality, stabilize economy during depression and inflation. Tax rates differ for different income slabs intra and inter-countries due to various types of ruling dispensation at........