Principles of Taxation

A compulsory financial charge or levy imposed by the government on individuals, businesses, or other entities to fund public expenditure and provide essential services

An individual or entity who is liable to pay taxes as per the applicable tax laws and regulations.

The portion of an individual's or business's income that is subject to taxation after deducting allowable exemptions, deductions, and credits.

A tax system in which the tax rate increases as the taxable income or the value of the taxed item increases. It aims to impose a higher tax burden on those with higher incomes or wealth.

A tax system in which the tax burden falls more heavily on individuals or entities with lower incomes or wealth. As income or value increases, the tax rate decreases.

A tax levied directly on individuals or entities and is based on their income, profits, or property. Examples include income tax, corporate tax, and property tax.

A tax imposed on the production, sale, or consumption of goods and services, usually passed on to the final consumer. Examples include sales tax, value-added tax (VAT), and customs duties.

An expense, allowance, or expenditure that is subtracted from taxable income, reducing the overall tax liability. Common deductions include business expenses, mortgage interest, and charitable contributions

A provision that exempts certain individuals, organizations, or transactions from paying taxes on specific types of income or activities. Examples include exemptions for charitable organizations or certain types of investments.

An illegal act of intentionally avoiding or evading taxes by misrepresenting or concealing income, assets, or transactions to reduce the tax liability owed.