The term taxes denote a payment mandated by the government of a country from all individuals earning an income. Any individual who pays taxes is referred to as a taxpayer; who is required by law to make payments based on the determined taxable income. A taxpayer’s taxable income refers to the figure used to determine the amount that individual is to pay in taxes for the past year. The collection of taxes forms a part of the primary resource of every state and country. The timely and accurate collection of taxes enables the efficient operation of entities as well as the maintenance of many state-owned properties and businesses.
