Taxation

 

 

Brothers and Sisters!    

 

Assalam o Alleyykum

    [Peace be Upon You]

 

Brothers and Sisters!  The government does not have any source of income. However, the government has to run the affairs of the state, so what is its source of incomings?

 

Brothers and Sisters!  State consists of inhabitants. The public services has to be provided for the inhabitants of the State. Therefore the inhabitants of the State has to sponsor the government out of their earned and unearned income. For this purpose the governments levy Taxes upon the inhabitant of the State. The employees of the organizations pay income tax by deduction from their wages or salaries which the employer pays to the Treasury of the state. The self-employed businessmen and limited companies prepare their yearly financial statements e.g. Profit and Loss Account, Balance Sheet and submit to the Inland Revenue. The Inland Revenue work out the income tax payable and advise the tax payer to pay to the Treasury.

 

Brothers and Sisters! There are following avenues of taxation. For Example:

 

·                         Income tax

·                         Value Added Tax on goods and services

·                         Capital Gains Tax

·                         Inheritance Tax

·                         Wealth Tax

·                         Excise duty

·                         Custom

·                         Duty on Sale of Shares

·                         Property Tax

·                         Sale of services e.g. car parking charges on public roads

·                         Fines on Civil and Criminal Conviction

·                         Etc. etc.  

 

Brothers and Sisters! As above are the source of incomings of the government.

 

Please Remember in Dua’as

 

Wass’a’lam

 

Naseer Aziz

 

Principal Call for Peace

 

Messages to Look for Peace

 

PS:

Sponsorship

Brothers and Sisters! Please read the Post: Sponsorship in the Navigation Bar as to why it is need to keep conveying the Messages to Look for Peace until the Day of Resurrection and how it will be expended until the Day of Resurrection.

Wass’a’lam