It’s often said that two things in life are inevitable… change and tax. We happen to agree with that statement, and we’d like to assure you that it isn’t as boring as it’s made out to be. Sure, the tax industry is affiliated with the likes of not so thrilling programmes like the humble payroll course, but there are a lot of interesting facts about tax and why it’s important.
- For starters, there’s the origin of the word. The term “tax” stems from the Latin word, “taxo”, which when directly translated means, “I estimate”.
- In America, if someone reports their company for committing tax fraud, that person will get 30% of the amount collected! Now that’s an incentive.
- There’s a type of tax that exists called ‘sin’ or excise taxes. It is added to the cost of goods and services like alcohol, tobacco, and even gambling in some parts of the world.
- Historians maintain that a salt tax called the “gabelle” contributed to the French Revolution. This was because it was a much-hated tax that promoted inequality.
- On another historical note, the fall of the Roman Empire was also partly attributed to tax evasion.
- In Texas, USA, there’s pole-tax, a system of tax that exists for exotic dancing clubs.
- The pages in a newspaper are so large because a “knowledge tax” was implemented in 1816 on all newspapers. These taxes were calculated per page, so newspapers began to use bigger pages to lessen their overall number of pages and cut down their taxes.
- There is no record of any historical civilisation that did not use any form of tax system. The first known civilisation, the Sumerians, kept records of all taxes on clay stones.
- The Cayman Islands do not impose any property or income taxes on its citizens. Instead, the government makes money from import and export taxes, tourism, bank transaction fees and work permit charges.
- eFiling has made submitting taxes far easier. In fact, it’s increased the amount of people submitting tax returns. eFiling also ensures that there are less paperwork errors. Its estimated that 1% of eFiling returns contain errors, as opposed to the 20% of manual tax returns that contain errors.
If your interest piqued and you’re looking to understand the world of taxes and bookkeeping, why not sign up for the ICB Payroll and Monthly SARS Returns short learning programme from The Business School help make it happen? The short learning programme prepares you to function effectively in an accounting environment and fulfil the payroll and tax returns functions within your business.
For more on the ICB Payroll and Monthly SARS Returns short learning programme, contact us today.