What is trending Direct and indirect tax?
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What is direct and indirect tax?
There are two different types of tax in the tax system, direct and indirect. Taxes levied on consumption/expenditure indirectly from individuals are called indirect taxes, taxes on income-earnings or wealth are also called 'direct taxes'.
What are direct taxes?
Examples of direct taxes Income tax, corporate tax, property tax, motor vehicle tax, inheritance and gift tax can be given as income tax.
What are the constitutional taxation principles?
Article 73 of the Constitution encompasses the basic constitutional principles that dominate the tax duty. These principles are respectively the generality of the tax, the tax to cover public expenses, the proportionality of the financial power, the fair and balanced distribution of the tax burden and the legality of the tax.
What are indirect taxes?< /p>
Indirect taxes; It is the general name given to taxes that affect the cash flow and costs of companies such as special consumption tax, stamp duty, value added tax, bank and insurance transaction tax, customs duty and special communication tax.
What are the types of tax?
What are the Types of Taxes?
Income Tax. Corporation tax. Value Added Tax (VAT) Special Consumption Tax (SCT) Motor Vehicles Tax (MTV) Stamp Duty. Property tax.What is the constitutional basis of tax?
The 1961 Constitution, Article 61: Everyone is obliged to pay taxes according to their financial power in order to meet public expenditures. Taxes, duties, fees and similar financial obligations are only set by law.
What is the constitutional principle on which fees are based?
The principles of generality and equality in taxation also provide their constitutional bases to the state of law. finds in principle. Since these principles require everyone to be equal taxpayers before the law, they are related to tax justice.
How much is indirect tax?
As you can see, our tax structure in 1998 is % While it consists of 56.2% indirect and 43.8% direct taxes, the share of indirect taxes in total taxes in 2020 was 66.8%. There were also years in the 1998-2020 period when the rate of indirect taxes exceeded 70 percent.
What are the characteristics of indirect taxes?
The tax that is collected on consumption transactions such as the sale of a good, not on income and capital. are taxes. The tax can be levied on wealth, income and expenses. Taxes on expenditures are called “indirect tax”.
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