What is taxation?
Taxation is the sum of all direct duties levied or imposed in a state, sub-state region, territories, or autonomous regions, excluding those exempt under the taxation body's general tax exemption regulations and compensation for extraordinary income. Taxes are recognised as a critical development fund for every country and a source of government revenue and funds for development.
In a country, there are majorly two types of taxes
Direct
Direct taxes must be paid by the person who is subjected to them. Such types of taxes include income tax, corporation tax, wealth tax, etc. It is impossible to subcontract the collection of such taxes.
Indirect
Indirect taxes can be delegated by the person who is subjected to them. Sales tax, excise duty, V.A.T., service tax, entertainment tax, customs duty, and other taxes are examples of this type of tax.
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