Basic terms in taxation (part I)

Understanding the basic taxation terms is crucial for navigating tax systems across a new country. You can learn about basic terms in taxation through the comprehensive list of key terms.

Income tax

Is a tax imposed on individuals and entities based on their income. Applied to earnings from employment, business activities, investments, and other sources.

Value added tax

Is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to sale. Value added tax applied to goods and services across Europe. Also, rates and regulations vary by country.