Direct Taxes VS Indirect Taxes

Direct Taxes VS Indirect Taxes

"Tax" is a word that everyone must have heard. But what exactly is that tax? and how many types of taxes So how are each type different?

📌 What is tax?

Tax is money or property that a state or government agency collects from people in a country. The tax will be collected on both natural persons and legal entities. The tax collected will be used in the administration of the country in various fields such as building public utilities, education, salaries of civil servants, etc.

📌 How many types of taxes are there?

There are two types of taxes levied on citizens in the country: direct taxes and indirect taxes.

📌What is direct tax and indirect tax? And how are they different?

Direct taxes are taxes that are levied specifically on who or what organization they want to collect. The direct tax can be subdivided as follows:

- Personal income tax is a tax that is collected directly to an individual who earns income according to the criteria prescribed by law. The Revenue Department is the agency that collects this type of tax.

- Corporate income tax is a tax that is collected directly to entrepreneurs who have operating results according to the criteria prescribed by law. by setting a maximum tax rate of not more than 20 percent

- Signboard tax is a tax levied on income derived from signs, brands or trademarks.

- Land and buildings tax is a tax that is collected on the value of land and buildings. To reduce redundancy and help to increase the use of land and buildings. This type of tax will be collected during January 1 of every year with the method of tax calculation as follows.

Land and building tax = (appraisal value - exemption value) x tax rate

- Inheritance tax is a tax levied on the inheritor. when transferring assets

- Various property taxes are taxes collected from property owners who are subject to taxation as required by law, such as car tax.

Indirect taxes are taxes that are collected without specifying who you want to collect. Indirect taxes can be broken down into the following subsections:

- Value Added Tax, also known as VAT, is a tax levied on individuals who purchase or use goods and services within a country. The tax rate has been set at 7 percent and 1 in 9 collected will be shared with the local government.

- Specific business tax is a tax collected from a specific business operation. Businesses subject to this type of tax are: 1. Banks 2. Finance, securities, credit foncier 3. Life insurance 4. Pledges 5. Businesses similar to commercial banks 6. Real estate sales 7. Securities sales 8. Other businesses

- Stamp duty is tax collected from the production of 28 types of instruments according to the stamp duty rate account. The nature of stamp duty is printed similar to a postage stamp. The difference is that the stamp duty does not have a stamp. instead, it uses a strikethrough to show its use.

Of all the taxes mentioned above, many people may think that people are always subject to taxes. And if it costs more Will the government have any measures to help the people? The answer is yes. purchase of funds, etc.

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