IRS e-file is the electronic system used by the Internal Revenue Service (IRS) for the digital submission of tax returns. Emphasizing speed and accuracy, the IRS e-file allows taxpayers to submit their returns electronically, reducing the need for paper-based filing and expediting the tax processing cycle.
Proportional tax is a tax system where the tax rate remains consistent, regardless of the amount subject to taxation, ensuring that revenue collected rises proportionally with the taxable amount.
VAT (Value-Added Tax) is an indirect tax imposed on the value added to goods and services at each stage of production or distribution. A crucial component in tax systems globally, VAT ensures tax is levied on the value enhancement, not just the final sale.
Tax incentive is a feature of the taxation system designed to encourage or discourage certain economic activities. Common examples include depreciation allowances and tax credits.
