Tax accounting: Tax collection is a major revenue generator for every government.
Governments depend on taxpayers to generate Finances for government spending, development, and governance.
This is an important task every accounting official must perform accurately and store the data in an organized manner.
It also ensures the data is accessible in the shortest possible time frame which helps improve operation flows.
These are calculated and reported using different formulae.
Processing Data: Data generated by a business required proper management thus it must be reviewed, processed, organized than stored on databases.Every individual, business or organization is accountable for their finances, stocks, assets, action and time.This makes accounting a basic requirement every person must address.To achieve this, the accountant must be well versed with the legislature associated with taxation.The accountant, therefore, needs to review different accounting legislature and regulations to provide legal advice.Besides being accountable for finances, it also involves reporting on financial target achievements and fall outs.The financial accountant is responsible for reporting financial accounts, processing data for decision making and proposing solutions to problems.Road tax: Also known as toll tax, it is tax collected from major highways and road users.Distance, the number of vehicles using the road and usage frequency determines Road tax rates.The rate of taxation depends on the amount of income reported, and lower income groups are exempt of Income tax.Value-added Tax (VAT): This form of tax targets the retail and manufacturing industries and businesses.