Many companies and individuals are always trying to minimize the tax amount that they have to pay. People hire companies who help them file the tax returns in a way that they can get maximum tax wave off. But these people and companies fail to realize that tax payment given by them are used by the government for the betterment of the society and public services which are eventually enjoyed by them or by their future generations.
People and companies should accept tax as their moral obligation. They should act responsible and pay their share back to the society properly and rightly. Tax payment is a moral and legal obligation. It should not be considered a choice!
Role of companies & the importance of paying taxes
Multinational corporations hire a legal advisor or a company and try to get the best deal in minimizing taxes and thus maximizing profits. Tax saving has become easier since the increased usage of internet. In the digital economy where companies can operate from anywhere, it is easier to save taxes. Most companies have virtual offices; they take orders online and deliver products to the customers. In this way they are able to save the taxes, they minimize their costs and provide products to consumers at affordable prices. In this way the companies are not only able to avoid payment of taxes but also increase their profit margin.
The company should pay back to the society from where it is enjoying higher profits and greater sales. The companies should realize that paying taxes is their moral obligation.
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