Taxation Laws

Taxation laws are regulations set by governments to collect revenue from individuals and businesses. These laws determine how much tax people must pay based on their income, property, and other financial activities. Taxes fund essential services like education, healthcare, and infrastructure. There are various types of taxes, including income tax, sales tax, and property tax, each with its own rules. Compliance with these laws is mandatory, and failure to pay taxes can lead to penalties. Taxation aims to ensure everyone contributes fairly to the public good while balancing economic growth and individual financial burdens.