There are 10 financial complexities that every person must deal with carefully. With taking no care of these problems, a financial problem may take place in society, including both individual and collective aspects of life. Tax collection and tax spending are part of collective life. Therefore, the said problems include them. These 10 problems are as follows:
Individual Properties Be Taken as Individual
To remove the first financial problem, a tax receiving body has to ensure that the individual properties will remain individual while collecting taxes. These will not be part of collective properties for tax counting.
Joint Properties Be Considered as Joint
Another problem in finance is that many people do not show facts about their joint properties. They do not pay taxes. The joint properties will remain combined while counting taxes. These will not be part of individual properties.
Partners’ Equal Shares Be Considered as Liable to Tax
In a partnership with equal shares, both parties have to pay tax if they reach the taxpaying limit. Therefore, partners sharing equal shares will pay tax if their joint shares reach the taxpaying limit.
Considering Livestock as Property
Livestock is an important part of income. Same as other sources of income have significance. Many people do not show parts of their income to avoid tax.
Thus, everyone must show his livestock as property for tax. Many individuals remain dishonest in this way. They should avoid doing it.
Good Wealth For Charity and Taxes
On charity, only pure wealth has importance. Many people pay charity from their dishonest sources of wealth. Therefore, charities will be taken from pure wealth. The income through dishonesty will not be taken as a charity.
Do Not Take The Best Property as Tax
A group of people who are weak in society needs special care. In their income resources, a government official should not take their best source of income while collecting an emergency tax. Therefore, the authorities should not take the best property as Tax from the weak citizens.
Keeping The Needs of a Tax Payer in Mind
Similarly, the special needs of people should be given importance. For collecting an emergency tax, the officials must not ignore their special needs. Thus, the authorities must respect the needs of a Taxpayer. They should not deprive him of his capacity for extreme needs.
Spending The Tax Money on Peoples Good
People are the most important part of society. A government can run well only when the people are happy. So, spending the tax amount on people’s good will be a positive step in society.
Making People Free
The best good for people is to make them live freely. They should not be relying on others for their basic needs. Thus, the authorities must ensure to make people free financially.
Making People Free of Greed
A greedy person can fall to many bad. Governments should spend tax money on stopping the causes of greed. Therefore, the authorities must ensure to make people free of greed. They should be able to meet their own needs and not get in greedy.