Service tax, income tax, road tax…you’ve heard of tax and pay tax, but what exactly is tax?
Tax is a compulsory fee that the government ‘charges’ on a product, service, activity, or income.
In this video, you will learn a little about tax history and why taxes are imposed – from paying for public services and infrastructure to controlling the usage of things like cigarette and luxury items.
You will also learn the pros and cons of having high tax rates, as well as how you can pay the different types of taxes like quit rent and income tax.
Taxes are for the benefit of all, so pay your taxes as a responsible citizen on time.