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Taxation and its relation to the profit of a business
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[QUOTE="Caramelle, post: 205921, member: 150"] [JUSTIFY]Taxation is important because it is the lifeblood of the government and the economy itself. The government cannot perform its functions and exercise its powers without financial backing. Directly or indirectly, we all pay taxes. There is VAT in almost every product that we consume. VAT is also imposed on utilities. VAT or sales taxes may be added to the cost of food and drinks when we eat at restaurants or buy takeout foods. Thus, whether or not we are required to file tax returns, we are part of the tax ecosystem. Excessive taxes may stifle the growth of businesses because they increase the prices of goods or services, often resulting in lower sales and reduced patronage. They usually add to the administrative burdens of companies who need to remit and/or report the taxes and provide supporting documents or information. This and other economic factors may force small businesses to close and lay off their employees. Thus, imposing taxes do not directly benefit most people and businesses. Instead of imposing more taxes, governments should find ways to make tax collection more efficient. They should look into streamlining their organization and operation to trim down the expenses. Corruption and political patronage are needlessly escalating the cost of running a government and they should be addressed firmly and fairly.[/JUSTIFY] [/QUOTE]
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