What is a Tax? – A forced payment made to a governmental unit that is unrelated...
What is a Tax? – A forced payment made to a governmental unit that is unrelated to the value of goods or services received.
What does this statement mean by unrelated to the value of goods or services received?
Homework Answers
Respected sir/ma'am
The answer to your above question is:
| Que: | ||||||||
| Meaning of the statement "Unrelated to the value of goods/Services received": | ||||||||
| Ans: | ||||||||
| When income exceeds an allowable limit, income taxes are assessed on that excess | ||||||||
| income by the Governments.In such cases Payment of tax on exceeding income will not | ||||||||
| be related to the value of goods/services received. | ||||||||
| Some governements require the sellers to collect taxes on the goods sold for the consumer | ||||||||
| In such cases payment of taxes, will be related to the goods/services received. | ||||||||
| So payment of income taxes to the government is Unrelated to the value of goods/Services received. | ||||||||
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