Gross Income Tax

Gross Income Tax is a tax imposed on an individual's or business's total earnings before any deductions, such as expenses or personal allowances, are subtracted. It is based solely on the gross income received. This means you pay a percentage of your total income regardless of your expenses or financial situation. The purpose is to generate revenue for government services. In some regions, it applies to both individuals and corporations, and the rates can vary depending on jurisdiction. Essentially, it’s a straightforward tax on the total amount earned before other adjustments.