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

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

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

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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.

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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.

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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.

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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.

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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

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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.

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

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