Taxation

Tax is an amount of money the state imposes on individuals and private sector institutions in accordance with the laws. The purpose of the additional state taxes is to achieve economic and social objectives such as the payment of public employees salaries, the payment of international loan obligations, and for spending on infrastructure such as building roads, dams and others.

There are many types of taxes imposed by the state, including:

• Income Tax: A tax on profits realized by the individual through his professional activities.
• Payroll Tax: A tax that is imposed on wages and salaries of the employee.
• VAT: A type of indirect taxes, paid by the individual whenever he buys a commodity or service.