Facts About Taxes

Taxes are the thing that are even in some games like Monopoly. If you want to learn more about taxes, then you must play such games. There are countries where they have very little tax rate but there are countries that have huge tax rate. Taxes are cut in different forms, if you are wondering how then we are here for you to guide you with an example. Let us say that you have purchases a packet of chips and you never know that how you are paying taxes even if you have bought a packet of chips. You might have bought it for 10.85 AED, that all will be gone to the shop keeper and then to the company and then the company will pay .85 AED to the govt per packet and that is the tax. If you are about to pay taxes for the first time or you are about hire a tax agency in Dubai or accounting firms in Abu Dhabi, then you must know that there are different facts about them as well;

  1. You must have always wondered that the taxes have been applied when the countries began to exist but here, you are wrong. Because taxes are the only thing that has been here since a very long time. You will be shocked to hear that the taxes have been here since the 2500 B.C. yes, people have been paying taxes since the beginning of the time.
  2. You must be wondering that you are tired of paying your tax but you will angry to know that there are still many people who don’t pay taxes. According to different studies, it showed that there are only 38 percent tax filers in the United Arab Emirates and even though there are many rich families, but still they don’t pay and this is because they have bought off shore companies and properties.
  3. Taxes are very difficult to understand and that is also why hiring a tax agent might be the most expensive thing to do. And you will shocked to here and you might even give a laugh that the world’s most genius person Albert Einstein also did not understand taxes at all.
  4. You will be shocked to know that United States of American citizens pay at least 5.2 trillion dollars annually.