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The Procedures of Tax Preparation

A country must have a procedure of collecting revenue that will be used to improve the present infrastructure and to ensure that the country is able to survive on its own. The citizens present in a particular country should file their returns monthly or yearly to allow the government that is in place to carry out different duties that will effectively assist in running the whole country. These taxes will aid to improve the health sector by constructing more hospitals while providing the different types of health care services to the citizens, establish linkages of transport and communication all over the country, provide security through the various armed forces, provision of clean environment and the sustenance of different forms of energy that are used by the public. Therefore as a good citizen, you should contribute in giving revenue by remitting taxes to ensure efficient running of your country. All the taxation processes and regulations are well explained in international taxation.

International taxation is referred to as the practice of establishing tax that an individual or business entity is obligated to remit according to the tax laws of a particular country. With the different methods of taxations that are in place in the different countries, recharacterizing or shifting income in a manner that lowers taxations is possible. The main systems of taxations that are employed by all the countries that tax their residents are the residential system of taxation or the territorial system of taxation.

In the system of territorial taxation, the only income that is taxed is the income that is achieved from a particular source in the same country. The countries that use this type of taxation system, accept credits or deductions for any tax paid to different countries on the foreign income by their citizens.

The main types of law sources that assist to regulate international taxation include the International Tax Law, Internal law, Treaty Law, EU Law and the Supranational Law. All these laws will aid in creating various taxation rates that will be fair and attainable by all residents who are subjected to the different tax regimes.
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In the residential taxation system, the citizens of a given country are taxed both on their foreign and local incomes while the non-citizens are taxed on their locally earned income only. Most countries will sign various tax treaties to lower or eliminate double taxation. Some countries will allow a deferrals or an exclusion of various commodities that earn foreign income from taxation. Failure to pay taxes by residents or businesses, will lead to the confiscation of some of your property or the allocation of fine by government for late payment of taxes or violation of the set rules and regulations that touch on taxation.
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Always make sure that you pay your taxes appropriately to provide the government with revenue that will help to develop and run the country.