Tax obligations refer to the payment of taxes as established by the Federal Tax Code (CFF). Taxes are the contributions of taxpayers to the economy, based on their particular income. Throughout this entry, we will introduce you to the importance of the tax code for the health of the economy.
Paying your taxes contributes to the improvement of the country’s public services.
How is the fiscal code important for the country’s economic activity?
Both the country’s economic growth and economic development are heavily dependent on a successful tax collection and taxpayers’ compliance with their obligations. Therefore, the Federal Fiscal Code rules that tax collection should aim to benefit the following sectors and efforts:
- Education
- Health
- Fighting poverty
- Implementing justice and security
- Stimulating the country’s key economic sectors
The Federal Fiscal Code is part of the country’s legal system, and its aim is to determine the contributions and obligations that must be met by taxpayers, as well as the rules and procedures surrounding them.
You might be interested in our entry: How to submit an annual tax declaration.
What are the main types of taxes?
Federal taxes:
- Federal income taxes
- Taxes on cash deposits
- Value-added taxes (VAT)
State taxes:
- Payroll taxes
- State income taxes
- Taxes on goods and services
Municipal taxes:
- Municipal income taxes
- Property taxes
At QuAdrans Law and Finance, we know the importance of filing taxes properly and on time. That is why we have created multiple strategies to help you improve your tax efficiency. Let’s make the best decisions for your company, together. Contact us.
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