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Monthly income tax 254 - PowerPoint PPT Presentation

Definition of a tax

Definition of a tax. What is a tax? An enforced contribution exacted pursuant to legislative authority in the exercise of the taxing power and imposed and collected for the purpose of raising revenue to be used for public or governmental purpose.

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Local taxes

Local taxes. Direct taxes (no ability to be avoided) 1- income taxes 2- property taxes Indirect taxes (can be avoided in some cases) 1- customs taxes 2- sales taxes (the same as VAT 14.5%). Income Taxes. Income: includes both taxable and nontaxable types of income .

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Monthly income tax 254 - PowerPoint PPT Presentation

Definition of a tax

Local taxes