Tax Evasion vs Tax Avoidance As tax avoidance and tax evasion are both methods used by individuals and businesses to minimize or completely avoid the payment of taxes, one should be able to recognize the difference between tax evasion and tax avoidance. While these concepts may sound similar to one another, there are a […]
Difference Between Exempt and Zero Rated (VAT)
Exempt vs Zero Rated (VAT) VAT is the value added tax that is charged when selling goods and services. The price of these goods and services include the VAT amount. There are different types of VAT rates that apply to different types of goods and services. There are also certain goods and services on […]
Difference Between Duty and Tariff
Duty vs Tariff Duties and tariffs are both forms of taxes that are imposed on the import and export of goods to and from foreign countries. Since both are taxes, they are not voluntarily offered and are usually forced onto businesses and individuals. Duties and tariffs are quite similar to one another in their […]
Difference Between Tax and Levy
Tax vs Levy Any individual, firm, corporation, or legal entity will have to make a payment to their country’s government known as a tax payment. The funds that are collected through tax is the largest income that the government receives and is used for the running of government, investment, development, infrastructure, healthcare, public safety, […]
Difference Between Payroll Tax and Income Tax
Payroll Tax vs Income Tax Taxes are widely known as financial levies that are paid to the government by individuals who are known to receive monetary inflows from their salaries, wages, and profits made from assets. Taxes are usually forcefully obtained; in the sense, no person will willingly pay taxes, and only do so […]
Difference Between Assessment Year and Financial Year
Assessment Year vs Financial Year There comes a time of year where individuals and corporations have to file their income tax returns. It is during this time that the terms financial year and assessment year are discussed in great detail. It is important to understand the meaning of financial year and assessment year for […]
Difference Between Lien and Levy
Lien vs Levy Any individual, firm, corporation, or legal entity will have to make a payment to their country’s government known as a tax payment. The funds that are collected through tax is the largest income that the government receives and is used for the running of government, investment, development, infrastructure, healthcare, public safety, […]
Difference Between Subsidy and Tax
Subsidy vs Tax Taxes and subsidies are terms that are very commonly used in economics that have a large impact on the country’s economy, trade, production, and growth. Taxes and subsidies are complete opposites of one another; taxes are a cost and a subsidy in an inflow. Taxes are levied to discourage certain activities, […]
Difference Between EIN and TIN
EIN vs TIN EIN and TIN are numbers issued to individuals by the tax authorities and hold great significance for them as these numbers become identities of people when filing tax returns. Taxpayer Identification Number or the TIN is a generic term that is used by the IRS, and there are different types of […]
Difference Between Exemption and Deduction
Exemption vs Deduction Exemptions and deductions are concepts that are associated with tax payments. All income earning citizens in a country are obliged to pay tax to the government depending on the income bracket into which they fall. This makes it very important for most individuals to understand the importance of the difference between […]