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1 people who earn up to usd 50 000 pay a 5 income tax 2 people who earn between usd 50 000 and usd 100 000 pay 10 and 3 people who make more than usd 100 000 pay a 20 income tax.
Good and service tax is a tax system. Gst or goods and service tax is common tax system proposed by the government. Information and translations of tax system in the most comprehensive dictionary definitions resource on the web. Report and pay the gst your business has collected. Although opinions about what makes a good tax system will vary there is general consensus that these five basic conditions should be maximized to the greatest extent possible.
It falls more heavily on the rich and less on the poor. Fairness adequacy simplicity transparency and administrative ease. An important principle of a good tax system for a developing country is that it should yield adequate amount of resources for the government so that it should be able to perform its increasing welfare and developmental activities. This new system has three tax brackets.
Any manipulation of the tax system for whatever good reason i just don t agree with i want a completely flat tax. As the name suggest it is a common tax for goods and services. In simple words today we are paying multiple taxes such as excise duty custom duty value added tax octroi service tax etc. The business adds the gst to the price of the product and a customer.
The stands4 network. Goods and services tax gst goods and services tax gst is a broad based tax of 10 on most goods services and other items sold or consumed in australia. Simplicity principle also holds during periods of tax collections. The goods and services tax gst is an indirect federal sales tax that is applied to the cost of certain goods and services.
Simpler bas gst bookkeeping guide. It should be reasonably progressive so as to minimise the gap of inequality of income and wealth in the community thereby ensuring their better distribution. A good tax system should be designed in such a way that individuals should able to understand on when and where to pay the tax. The payee should be able to understand the concept and terminologies used and how the government comes up with such a figure.
A good tax system should meet five basic conditions. If the tax system fails to yield enough resources the government will resort to deficit financing. Now instead of a proportional tax assume the government introduces a progressive income tax.
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