Taxes

Definition

Taxes are mandatory payments imposed by governments on individuals or businesses in order to fund public services and programs. They are collected to support various needs like infrastructure development, healthcare, education, defense, etc.

Related terms

Income Tax: A tax levied on an individual's earnings or income.

Sales Tax: A tax imposed on goods or services at the point of purchase.

Property Tax: A tax assessed on real estate properties owned by individuals or businesses based on its value.