When and how was income tax started? Detailed answer

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When and how was income tax started? Detailed answer

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When and how was income tax started?

Income includes everything that a person earns: wages, bonuses, fixed interest from bonds and savings in bank accounts, dividends from securities and income from real estate. This also includes fees to doctors, lawyers, writers, inventors and other professionals.

The population of England was first taxed with income in 1799 by William Peet the Younger. The money was used to pay for the costs of waging wars with France. Today, income tax includes a personal tax on all annual income received from investments or in the form of earnings.

The amount of tax is determined by: annual profit received from working capital; deductions on income that vary in accordance with the size of income, and the difference between earned and non-earned income. That part of the income that is the amount of expenses that go to the maintenance of one person and his family is not taxed.

In Britain, the amount of tax deductions is determined by the Annual Financial Act. The people who run the tax system are called members of the State Department in charge of internal taxes. Tax inspectors control the correctness of paying taxes locally. Major or special members of the State Department hear tax appeals or denials. The income tax, when it was first introduced, was envisaged only as a temporary measure.

Author: Likum A.

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