The Merits of Filing Tax Returns
The residents of the country support its economy by paying the levy. The tax is collected by the national and local authorities. The cash collected as levy is usually used to develop the country. Remunerations of the people employed to serve the public is funded by the taxes collected. The government has the mandate to improve and maintain the infrastructure. The money used to fund these projects is collected from businesses, institutions and citizens that pay tax. Every year, the adults, business and legal companies should file tax returns every year. The companies in that country are able to indicate what they earned in that financial year. It is a legal requirement for people and organizations to file returns. It makes the work of the government easier in the process of controlling the economy of the country.
Individuals are driven by different motives to evade to pay tax. People are unable to make their tax returns because they are not able to meet the required deadlines. There are clear set deadlines by the government. In many countries, the returns are filed online through official websites of the taxation authorities. The period for making tax returns may be closed after a specific period. Another reason is because some people want to evade filing costs. Some people have unnecessary fears that if they pay tax they will become poor. This is bad because they cause the economy of the country not to grow effectively. Paying levy is an important aspect. The merits of filing tax returns are outlined below.
In many countries, filing tax returns is an obligation of every person who is and adult. Heavy penalties hit those who fail to obey the dates and time to file their tax returns. It is, therefore, advisable for the companies and adults in the country to file returns before the deadlines to avoid unnecessary fines by the taxation authorities. Another advantage of filing returns is because it is a requirement by many banks and other lenders before they give you a loan. Individuals that are not tax compliant are not allowed to get the services of banks and various micro-finance. For you to be given loans in many banks you must file tax returns.
Good and responsible residents of the nation always pays tax and make sure that they file their tax returns. Loyal patriots want their economies to grow. The loyal individual wants their country’s economy to grow strong, and they support it by paying tax and filing tax returns. They should be able to meet deadlines set by the government. It is therefore good to pay tax to avoid been a burden to your country. Almost all countries have made illegal the act of tax evasion. The companies and people that do not pay their taxes should not be allowed to walk freely without been prosecuted.
Source: online tax return