Finance is the backbone of any economy. In order to propel the economic development of the country, finance and tax related matters are highly essential. This section provides information related finance and taxes, and covers sectors namely insurance, banking, economy, trades and business etc. Details of acts, rules, schemes, policies, budget, online services, etc. by the Union and state governments are also available in this section.
Financial statements are instrumental to internal users in that it helps them to make key business decisions. Such users include business owners, employees, managers and other stakeholders with a direct interest in an organization. Performing financial analyses on such statements helps such parties to gain an in depth understanding on their implications to internal decision making processes. On the other hand, external users require financial analysis to make decisions regarding their investments in a given organization. These include the government, banks and other financial partners as well as potential investors.
Income tax has always been making a significant impact on any country’s economy. Very high or low income tax does not necessarily mean to aid economy of any country. An optimum income tax rate depending upon country’s economical, social goals is necessary in order to realize the real benefits of income tax. I would like to support my views on this topic in following paragraphs.
First, income tax is a key driver for any country to grow and provide sufficient facilities to its citizens. If there is no income tax in the country then it is very difficult to fund the systems like army, police, industry and agriculture, which are backbones for any country’s economical growth. For example without having police in the society it is almost impossible to protect citizens and provide necessary security for the industries from stealing their products. In absence of police, various industries will have to hire their own security, which will negatively impact on the industries performance since they have to spend lot of money on the security. Same thing with the army; in absence of army it is impossible to protect the people from outside enemies in case of war or terror attacks. Thus in order to have smooth functioning of all the systems mentioned above there must of some income tax posed on countries citizens all over the world.