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Finances, Accounting and Fintech

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What is income tax?

Mike Taylor
Mike Taylor
in Topics

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What is income tax?

The individual who gets income from salary and other sources (independent activities, rents, agricultural activities, ect.) is required to pay to the state part of this income in the form of income tax.
The income tax is calculated for one year considering all the payments that an individual receives from his sources of earnings.

The income tax represent one of the main sources of funds for the government to pay its activities in serving the public.
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