Taxation

1. Business Income Tax

Tax levied on the income earned by a business, whether it's a sole proprietorship, partnership, or corporation. It covers profits made from regular operations and is typically filed annually.

2. Personal Income Tax

A tax imposed on an individual’s earnings from employment, self-employment, investments, and other sources. Rates and allowances vary depending on income level and personal circumstances.

3. Corporation Tax

Tax paid by limited companies on their taxable profits. This includes trading profits, investments, and gains from selling assets. Rates can vary depending on the size and profit level of the company.

4. Capital Gains Tax

Tax on the profit made when selling or disposing of an asset that has increased in value, such as property, shares, or a business. The gain (not the full sale amount) is what's taxed.

5. Value Added Tax (VAT)

A consumption tax charged on the sale of goods and services. Businesses collect VAT from customers and pay it to the government, while also reclaiming VAT paid on their own purchases.

6. Inheritance Tax

A tax on the estate (property, money, and possessions) of someone who has died. It’s usually paid by the estate before distribution to beneficiaries, with thresholds and exemptions based on value and relationship.