Let get to know 9 types of taxes before starting a business.

Taxes are a top priority for businesses to pay attention to and should not be overlooked as they can be punished by law.

Today we will talk about tax matters that should be known before starting a business, which are:

1. Value Added Tax or VAT It is a tax on the sale of goods or services in each step of production, at a fixed rate of 7%. If the operator has registered for VAT, they must be obliged to collect VAT from the purchaser of goods or services.
2. Withholding tax It is withholding if payments are made. A person paying a registered corporation or legal entity is deducted before the payment is made to the corporate receiver, or a natural person to deliver to the IRS.
3. Income tax is a direct tax imposed by the state on the income of those who earn it. It is easy to understand that anyone who has income must pay income tax, which is divided into two main categories: personal income tax and corporate income  tax.
4. Specific business tax is a tax levied on specific business operations instead of the abolished trade tax that applies only to certain businesses, such as banking, life insurance, etc.
5. Excise tax is a sales tax that is levied only on certain types of goods or services, which have a higher tax rate than usual, such as goods that are consumed and have a detrimental effect on health, etc.
6. Land and building tax is the tax that the government collects from the building. Various buildings such as buildings, commercial buildings, offices, shops, etc.
7. Local maintenance tax is a tax levied on all types of landowners, whether they have a document or not, a vacant lot or a building.
8. Label Tax (Advertisement Tax) is a tax collected from displaying all kinds of signboards.
9. Revenue stamp is a type of tax collected from the making of certain instruments or transactions. There are a total of 28 types of instruments, such as renting instruments with houses, leasing of property, hiring for things, borrowing money, etc.

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