English Expressions about Taxes Part 1

The end of the year is approaching, and many of you are probably preparing for year-end adjustments and tax returns. So, in this issue, we would like to introduce some English expressions related to taxes.

For the first time, we will start with the structure of tax.

There are two types of taxation: National Taxation, which is levied by the national government, and Local Taxation, which is levied by local governments. Income Taxation includes Income Tax (National Tax) and Corporation Tax (Corporate Tax), and the relatively new Special Income Tax for Reconstruction (Special Income Tax for Reconstruction), which was imposed on income for the 2013 tax year. Income Tax for Reconstruction), which was imposed on 2013 income.

In the next issue, we will introduce other income taxation included in the National Tax!