- Income Tax
This is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them. Income tax can be progressive, meaning the rate increases as the taxable amount increases. It’s a common source of revenue for governments.
- Corporate Tax
Corporate tax is levied on the profits of corporations. The tax rate varies by country and can affect businesses’ decisions about where to invest or establish operations.
- Sales Tax
Sales tax is a consumption tax imposed by the government on the sale of goods and services. It’s typically added at the point of sale and paid by the consumer, with the business responsible for collecting and remitting the tax.
- Property Tax
Property tax is charged on real estate owned by individuals or businesses. The tax is usually based on the value of the property, and the revenue often funds local services like schools, roads, and law enforcement.
- Value-Added Tax (VAT)
VAT is a type of consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. It’s commonly used in Europe and other parts of the world.
- Excise Tax
Excise taxes are imposed on specific goods, such as alcohol, tobacco, and gasoline. These taxes are often included in the price of the product and are intended to discourage the consumption of harmful goods.
- Estate Tax
Also known as inheritance tax or death tax, this is a tax on the transfer of the estate of a deceased person. The rate can vary widely depending on the size of the estate and the jurisdiction.
- Payroll Tax
Payroll taxes are deducted from an employee’s salary by their employer and paid to the government. These taxes typically fund social security, healthcare, and other social insurance programs.
- Capital Gains Tax
Capital gains tax is charged on the profit made from the sale of an asset, such as stocks, bonds, or real estate. The rate can vary depending on how long the asset was held and the total amount of profit.
- Customs Duty
Customs duties are taxes imposed on goods imported into a country. These duties can protect domestic industries from foreign competition and generate revenue for the government.