Income Tax
It is known in English with the term (Income Tax), which is a type of tax levied on people, or establishments that obtain income, or a percentage of profits that are subject to the country's tax law. IRPF is also known as: the amount of money that is deducted from the total amount of personal income of natural persons. The income tax calculation depends on a percentage specified by the income tax supervisory authority, and the value of the tax increases with the increase in the income percentage and vice versa.
Income Tax History
There is no precise information on the ancient history of starting to implement the income tax system, but the modern historical source dates back to 1799 AD, in which Great Britain began to apply the income tax system to the population, based on the study of British finance. budget, which showed a budget deficit; Due to the amount allocated for military weapons to be used in the French war, and therefore the income tax began to apply since then in Great Britain.
In 1861, the American government was one of the first governments outside the British circle to seek to implement the income tax, so it was actually passed and became part of the income of American citizens, and after the end of the Second World War, and the return For normal life in the countries of the world, the idea of income tax became one of the ideas raised in The Economic System of Countries, which led to the inclusion of tax on income in all global economic policies.
Areas Of Application Of Income Tax
The application of income tax depends on a set of general areas, which most countries in the world share in their application within the income tax system, and these areas include the following.
- Income
It is the first field that applies income tax, and all countries in the world participate in its application, and it depends on determining the value of an individual's income by studying the nature of their work, monitoring their situation. financial during the financial period. period, the value of the health insurance that was provided to you, and other social services that you receive in your case, and other components that are subject to tax, and contribute to determine the value of the net income after the imposition of income tax. rent.
- Business Profit
These are the benefits that are related to dealing with establishments as natural persons, but they do not apply to all establishments, but rather their application depends on each establishment classified as an individual entity, that is, managed by natural persons subject to income tax. , who receive benefits in return for their work, or obtain their own financial participation in the Shares of a company, for example: the earnings of individual shares related to their shares in the capital of institutions and companies.
- Loans
They are the sums of money that individuals receive in exchange for providing guarantees to banks or companies that operate in financial loans. A percentage of income tax is applied on the value of the loan granted to individuals. This is because the loans are considered part of a person's income and the tax is usually paid out of the monthly payments assigned to the loan.
Comments
Post a Comment