Income tax is a tax imposed by the government to individuals and companies according to how much income and profit they earn. Different tax systems exist with different degrees of incidence. There are various benefits of paying income tax regularly which have direct impact in our lives. These benefits include;
PROVISION OF GOVERNMENT REVENUE
The government itself is an entity or organization on its own, it needs resources to pay the civil workers, administrators, security officers and undertake all other activities in fulfilling its mandate to its citizens.
To make that work, there is need for resources which we the people need to contribute inform of taxes for smooth running of the government activities.
TO FUND PUBLIC UTILITIES AND AMENITIES.
The citizens need various utilities like infrastructure, medical facilities, educational facilities and many others to be provided by the government, where would the government get that money from to provide her people with such necessities if not from us by pay taxes?
TO CATER FREE EDUCATION/ MEDICAL SERVICES.
In a government setting, people vary in social status and not every citizen is able to raise some amount to cater for the basic education or medication his/her children need, by paying taxes, the government is able to fund the basic education in primary and secondary levels freely and also providing free medical care to them.
FUNDING SOCIAL SECURITY.
The people of a nation are a vital asset to the government and their security in the workplaces and homes needs to be guaranteed.
The government needs to fund and enhance security services at every point of the country. By so doing, paying the taxes is the only requirement needed from us for the fulfillment of the government’s obligations on social security.
Also, the government provides the aged people in form of pension schemes, the funds are meant to cater for their needs since they are most probably not able to support themselves due to their physical body status and health issues.
ENHANCING NATIONAL SECURITY.
The government assets needs to be protected from external attacks, therefore, a need arises to have security forces at the country’s boarders to ensure safety of the government’s investments.
Who rejuvenates these forces to enable them keep the country safe from external threats for all this period? Is it not the taxes we pay? Of course it is, that penny is important than you think.
CREATES A SENSE OF RESPONSIBILITY.
Paying taxes makes the taxpayer a responsible person. The resources we use all over the nation are as a result of the taxes we pay.
The budget of a country is dictated by the tax money available, was it not for the contribution, the facilities we use could not have been there probably, also, the fact that it is your money that is used to develop all this facilities, makes you become a responsible being and taking care of the facilities becomes your only option rather than destroying or misusing them. We should pay our income taxes and build the nation as one.
Author-Bio: Am Maria Mcquire, an author by profession born and brought-up in UK. Am a writer and an avid blogger as well, I could pen down on any topic I come across. As of Now am working as a Content Manager for Ni Number, A trusted National Insurance service.