TAX, a word, anybody is frightened by the name of Tax. It has a big impact on business, personal, and public life. It’s legal, but challenging too. Tax or Taxation first occurred in Ancient Egypt around 3000-2800 BC. Taxes have been leaving their mark ever since. Some taxes are direct, and some are indirect taxes, which are paid in money by the people of the country. All countries have tax systems, it’s may vary from country to country. Tax is mandatory for the functioning of the government. Taxation transfers wealth from households or businesses to the government in an economic way. The government sets tax rates and collects them from individuals or organizations and spends them on the country and its people. These tax policies are appreciable in general. But a question arises: how much of that do we see in the infrastructure and running of the nation? In this segment, some countries are doing well, and some are going through corruption, we often find. Besides that, Taxation policies and their rules have the most horrible impact.
There are two types of tax in practice, one of which is income tax, and another is corporate tax. Income tax is implemented on a person, where you will find a tax chart of slots. These tax slots depend on the income of an individual. There are also some exemptions of tax exemptions for lower-income individuals. But there are too many critical calculations to understand for a normal person. If you go through that chart or slot, you will find that the middle-class people are in this grip, and they are suffering from these rules and regulations. As the calculation is critical, most people are frightened by the name of tax.
That is why normal peoples has an allergy to this tax. On the other hand, tax filing and submitting tax returns are a worse system, which is a big headache for a person. There are so many things to maintain, and some are not changeable. Once you have done it, you won’t be able to amend. Some rules are most dangerous, like you can increase your tax year by year, but you won’t be able to decrease the amount of yearly tax. You can find some way to decrease, but those rules are more difficult to fulfill; better you leave them. A person can not earn similarly all the time; there are ups and downs in income, but who cares? If we buy a product from a supershop or market at the MRP price, VAT & TAX are also included in that MRP price, but unfortunately, while making payment then we have to pay an additional 15% on the bill, which means double taxation. People are earning to living, which is their daily needs. Where people are paying tax for their daily needs, by paying this way, we are paying tax from our income, and also paying again through the income tax yearly. I can not understand this type of double taxation till today. But you can get some exemption if you collect the tax token from the shop and keep it safely. Is it easy for a person regularly?
In the corporate section, there are so many taxes and rules, like import tax, value-added tax, and source tax, and many more taxes by the name of tariffs. You will be confused after seeing this chart of taxes and tariffs. If you wish to pay the tax properly, then you have to hire a lawyer or agent to do this job. Also, there are some holes in these rules, and some people are taking the facilities and joining with corruption, which is not a good sign for the country at all.
So, as taxation is the most important source of income for a government to maintain the nation and make proper infrastructure for the people in both sectors, tax policies should be easy and penetrate. It should be understandable to everyone that everyone can contribute to the nation by paying taxes on time. We can see some countries are giving tax exemption for a certain period or areas or cities, which is appreciable. But you will find few people who are entitled to take those opportunities. You also find some countries that are providing the best facilities for their people and making sustainable infrastructure for the development of their countries. And some countries are corrupt, and there is a lack of law and order to implement their taxes properly.
I paid up USD 320,000 last fiscal year as a tax, but I’m not getting any facilities from the government that can satisfy me. Nor can I see any infrastructure for the betterment of the nation. Some visual infrastructures have been seen over the last 14 years, like roads, Padma bridge, Karnafuli Tunnel, Ruppur Atomic Power Plant, third terminal of Dhaka airport, etc, but those are not sufficient, where corruption plays a vital role. So, as a conscious citizen, I’m very concerned over there. Now, the interim government of Bangladesh is ruling the country, and its primary initiatives are appreciable, especially the Chief Advisor Dr. Mohammad Yunus is doing a great job. We, the people of Bangladesh, are looking to see our country on the next level shortly under the leadership of Dr. Mohammed Yunus. And we wish to pay our tax legally on time to contribute to the nation, and make Bangladesh a developed country in the world.
All pictures are taken from Canva
