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Property Appraisal & Valuation Coursework – The Tax System
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Property Appraisal & Valuation Coursework - The Tax System The Tax System is a way for Government to raise funds to cover its expenditure by taxing individuals and businesses. Taxation is needed to pay for national expenditure on defence, government administration and interest on government borrowings. It is also needed for local expenditure such as health, education, welfare and interest on loans. Taxation is also necessary to help enforce government financial policy, through inflation control and encouraged investment in industry. Taxes are typically described as either 'direct' or 'indirect' - direct taxes are those charged on individuals, partnerships, trusts and corporate bodies and indirect taxes are of more general application. Below is a summary of both 'direct' and 'indirect' taxes: DIRECT TAXES 1) INCOME TAX 2) CORPORATION TAX 3) CAPITAL GAINS TAX 4) INHERITANCE TAX 5) RATES & COUNCIL TAX 6) NATIONAL INSURANCE CONTRIBUTIONS INDIRECT TAXES 1) CUSTOMS & EXCISE DUTIES 2) V.A.T. (VALUE ADDED TAX) In addition to the general regulations governing liability...
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