Introduction

The subject of taxes is delicate, and sometimes it is not understood correctly. However, it is essential to know every detail since they directly influence your finances.

It is not enough to know how to pay taxes. But it is also necessary to understand what taxes are for and which ones correspond to you.

Discover below more details about the importance of this topic and the most relevant aspects that you should consider

What are Taxes?

Being clear about what taxes are for is essential. These are fees paid to the state, which support public spending. These payments are mandatory and may vary depending on the type of person. You can be a natural or legal person. In the latter case, it is an entity with a legal existence, and a group of people has constituted that.

Taxes are made up of a part of your income. Which is used to pay for collective needs, such as services, public administration, infrastructure and social programs, to name a few.

Who Pays Taxes?

Who Pays Taxes

In any case, both a natural person and a legal person will pay taxes. Therefore, it is essential to know the characteristics of these taxes, which correspond to you and the dates on which they must be paid since they are mandatory.

What are Taxes for?

If you have wondered what taxes are for, the first thing you should know is that the taxes that all people pay. Whether as part of their income, their assets or in the purchase of day-to-day products, is where most of the public revenue is obtained. Hence the importance of paying them.

In other words, they are essential to boost the country’s economy and to finance such important aspects as education, security, transportation, infrastructure and public health.

Types of Taxes

It is clear what taxes are and why it is important to pay them, but it should be noted that not all taxes are the same. They have some differences, which are used for different purposes.

Types of  include:

  • State: As its name can tell, these change depending on our state. For this reason, it is necessary to review the tax law of the state in which you live. Among the state, taxes are possession, civil registration and payroll tax.
  • Federal: They are mandatory for companies or economic activities carried out. In them, we can find VAT (Value Added Tax), IEPS (Special Tax on Production and Services), ISR (Income Tax), ISAN (Tax on New Cars), among others.
  • Municipal: These taxes are collected by local governments and change according to each municipality. Here, payments such as predial or tax on public lighting stand out.

It remains important to know what type of taxes you have to pay and the percentage that corresponds to each one. So that when the time comes to make the payment. You have no doubts about what you owe or the balance in favor that you may have.

How to Pay Taxes?

It would help if you first considered that the amount depends on the current legislation and the tax regime that corresponds to you. It is paid monthly and annually in all cases, so it is key to know the basic principles for calculating  and thus be aware of the amount you must pay.

To simplify the process, it is possible to generate a capture line in the SAT for most it. Which you can pay in the different authorized banking institutions. You can even have the possibility of doing it from your online banking.

Remember to be up to date with your payments and tax activity. Preserve in mind that if you do not know how to pay your taxes.  You can hire a trusted professional to take care of your activity or advise you appropriately so that you can do it.

Finally, consider that you can find facilities within the same tax payment when doing it with your credit card from banks such as BBVA. Review your options and make the best select to pay on time.

Conclusion

A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization. To fund government spending and various public expenditures and taxation.

Also Read: What is a Computer Program? – Types, and More

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