Impot20

Need help? Talk to an expert

THE IMPORTANCE OF PAYING TAXES

The thought “Why should I pay income tax?” might have crossed your mind at least a few times, especially while going through your salary slip or filing tax returns. As taxes can eat up a considerable portion of your salary, it is prevalent for many people to believe that taxes are nothing but a burden. In reality, to foster economic growth and development governments need sustainable sources of funding for social programs and public investments. Programs providing health, education, infrastructure and other services are important to achieve the common goal of a prosperous, functional and orderly society. And they require that governments raise revenues. Taxation not only pays for public goods and services; it is also a key ingredient in the social contract between citizens and the economy. Taxes help raise the standard of living in a country. The higher the standard of living, the stronger and higher the level of consumption. Additionally, when there is a market for their product and services, with a higher standard of living, Business would be assured of a higher domestic consumption as well. Taxes are essential and every citizen is meant to reap benefit of these taxes.
Let us have a look at the importance of income tax:

1. HELPS BUILD THE NATION
The cost of running an entire country, especially which is populated and dense, is humongous. It is through the taxes that people pay to the government can perform civil operations. In other words, without taxes, it would be impossible for the government to run the country. Income tax is one of the backbone for the national saving. If people start thinking that income tax is a burden and avoid paying the same, it will directly impact the growth of the nation and also result in social collapse.

2. WELFARE SCHEMES
There are always many union government schemes in a country for the welfare and growth. From employment programs, subsidy on home loans, concession on cooking gas, to pension schemes, the governments launch several schemes to help all the different sectors of the society. These schemes benefit millions of people and require billions of dollars to run successfully. By paying income tax, you play your role in the success of these schemes and provide the government with the ability to work on more welfare schemes and programs.

3. IMPROVED HEALTHCARE AND EDUCATION
A significant chunk of the collected taxes is spent on improving healthcare in the country. There are government hospitals that offer medical services without any cost or at minimum cost. Over the years, the quality of service provided by government hospitals has improved by leaps and bounds, and it has only happened because of taxpayers paying tax. Similarly, there are government schools with a negligible fee. Moreover, thousands of dollars are also spent every year on defense and infrastructure developments. All of this ultimately helps in making the country more powerful and prosperous.Contribute to the Development of the Nation by Paying Income Tax. Rather than believing that income tax is a burden, try to understand the importance of income tax, and you will see the various roles your money plays in the development of the country. Be a responsible citizen and always pay your income tax on time as it is through tax payments that country could keep up with other developed nations and grow further.

Leave a Comment

Your email address will not be published. Required fields are marked *