Definition of taxes
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| Definition Taxes and Types |
We can define "taxes" as a monetary duty that the state deducts from individuals and companies, and thus it is the reason for the state’s spending on many items in the budget.
Types of taxes
There are many types of taxes spread in countries around the world and they differ from state to state :
- Sales taxes.
- Excise taxes.
- Payroll taxes.
- Property taxes.
- Estate taxes.
- Gift taxes.
- Sin Tax
- Value-added tax.
- Sin Tax
- Travel Tax
- Capital Gains Tax
- Inheritance/Estate Tax
- Income Tax
- Property Tax.
Ways of spending taxes
It is even considered the primary source of income for some countries, the most important of which are:
- Spending on public utilities.
- Spending on providing internal and external security.
- Spending on state infrastructure.
- Spending on support.
- Wage spending.
- Spending on health, education, and others.
- Spending on armaments.
We can also define taxes as a state tool for developing from a neutral country to a state intertwined in economic and political activity, and then this requires additional monetary resources for the state to play the following roles:
- Solving economic crises.
- Achieve economic growth.
- Achieve social welfare.
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