It's time to pay your dues

PUBLISHED : Monday, 14 April, 2008, 12:00am
UPDATED : Monday, 14 April, 2008, 12:00am

They are many types of taxes, depending on how they are collected, who pays them, how they are calculated and so on. Here are a few examples:

Personal income tax: tax paid by individuals on the amount of money they have earned in a year (their revenues)

Profit tax or corporate tax: this is a tax on the profits made by companies

VAT: value added tax is a tax on goods and services

Property tax: tax on the value of a building or land owned by someone

Capital gains tax: tax on the profits made by selling investments

Stamps tax: taxes paid for some legal documents when they are issued (business registration, for example)

There can also be taxes on the value of money or assets inherited or taxes on imports. Some countries have special taxes only paid by very wealthy people.