The taxes are one of the compulsory payments that is levied by government on individuals as well as the entities. As we all know that taxes are the major source of revenue for government. The taxes are different from the other revenue sources because they are imposed as the compulsory payment and are unrequited. There are many different kind of taxes that we are going to discuss further. If students want to get Taxation Law assignment help then reach out to expert writers available at BookMyEssay. However, this blog contains all the information you need about the categorization of taxes. Let’s begin by learning the two features of Taxes.

  • Paying taxes is compulsory for everyone and no one can deny to pay it.
  • Profits acquired from taxes are utilised for general purposes and benefits.

The taxation system implies that the taxpayer cannot demand or expect any kind of services from the government in return of the tax paid. But this doesn’t mean that Government does nothing with the entire amount of tax collected by the taxpayers.

Classification of the Taxes

The taxes can be classified in different ways and the most important ones are: Direct Taxes, Indirect Taxes, Progressive, Proportional and Regressive Taxes. Here we have spelled out the complete details about the types of taxes. Have a look:

Direct Taxes

Direct taxes are fundamental taxes on ordinary individuals. The direct taxes are majorly based on the ability of the taxpayer. This is calculated by measuring income, net wealth, and consumption. This is the tax that is imposed on the personal net income of the individual who is liable to pay tax. If the income is higher than the stipulated amount then the individual are liable to pay tax. The law of taxation has also determined certain rates. The rates will increase as the income rises.

When it comes to the net worth then the tax is imposed on the complete net worth of the person. The total net worth is calculated by subtracting liabilities from the total assets. Taxes on consumption are also addressed as spending taxes and expenditure taxes. This is imposed on the taxes that are not counted into savings. You can buy assignment help with taxation law subject to know more about this.

Indirect Taxes

These are the kind of taxes that are imposed on the production and usage of goods. It also encompasses transactions which includes exports and imports. The selective examples of Indirect Taxes are sales tax, value-added taxes, taxes applied on legal transactions, import duties, customs, taxes on manufacturing, etc. In general, the sales tax imposed on the specific section of expenditure of the consumers. These same rates are also used for imposing tax on other items such as clothing and foods.

Progressive and Regressive Taxes

A progressive tax is distinguished by a more than equivalent rise in the liability of tax corresponding to the rise in income. On the other hand, the regressive tax is distinguished by a shorter than an equivalent increase in the corresponding burden. This is the reason why progressive taxes are recognised as lessening disparities in income distribution. While regressive taxes can subsequently be the cause of an increase in these inequalities. You can ask experts to online taxation law assignment help in Luton for you.

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