Income Tax

[Deleted member 403]

What are the tax laws in your country for income? I live in the United Kingdom and most of us have to contribute to the system unless your warning under 12,500 pounds a year.

Do you think COVID will have a negative impact and cause taxes to go up? Would this be a good decision that the governments could make?
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[Sariana23]

In Venezuela, the Income Tax (ISLR) is declared and paid in the first three months of the year (January, February and March) to the State. It is calculated according to the income received during the previous fiscal year. The reference base for calculation is the current Tax Unit (U.T.) of 1,500.00 Bolivars. Individuals who have obtained a net enrichment higher than 1,000 T.U. (Bs. 1,500,000.00), individuals who have obtained gross income higher than 1,500 T.U. (Bs. 2,250,000.00) and individuals who are engaged in agricultural, livestock, fishing or fish farming activities at primary level, with gross income higher than 2,625 T.U. (Bs. 3,937,500.00).
Likewise, all legal entities must file a tax return, regardless of the enrichment obtained or losses incurred.

 

[Ralphjoe]

In Nigeria, the personal income tax is deducted from people's salaries by the organisation or companies where they work and there is a certain benchmark earning in a year that is taxable, that is ₦500,000($1070) per annum. This amount attracts a taxable amount of ₦75,000($160) which is 15% of the annual income.

 

[Kane]

If you are single and if you earn more than 5000 USD per year, you will have to pay income tax. If you are married and have kids, you will have to pay income tax if you earn more than 6000 USD

 

[Lens]

The tax rate in Britain is very high. We have taxes imposed here too but I don't really know the tax rate because the whole taxation system is a big fraud in my country.

 

[Bookwormlux1]

The government of my country really make us to pay a high amount of money as taxes , but the problem is that we do not get to see the money being used for infrastructural development .

 

[Matan_z]

Here in Israel they charge fees but yet it's not really a lot so it is not really matter but if you earn over 4000 dollars a month taxes will get higher and higher. I personally doesn't pay taxes because I'm a a student so luckily it is an advantage of mine until I turn 18 in a year and then it is over 😅.

 

[glitch]

In the US they take taxes based on income levels. If you work for yourself, you need to do your own taxes at the end of the year but if you work for a company, most of the time they take them out for you.