Have You Been Paying Your Local Taxes? Here’s Why It’s So Important
There is a common misconception that you no longer have to pay taxes because you are now an independent entrepreneur and aren’t working a corporate job. This is not true. It is still important as a QNETPRO to pay a tax towards whatever money you earn. Here is why paying your local taxes is so important and why educating yourself about the local laws should be on the top of your list of things to do.
You Improve Humanity With Your Taxes
By paying your local taxes, you become one of the sustainable sources of income your country uses to fund social programmes and investments. Your taxes make it possible for your country to provide free or subsidised healthcare and education for people in need. Paying taxes is a way in which you inevitably contribute to the growth and development of your community.
You Contribute Towards Your Country
Paying taxes, apart from voting, is a way you can contribute towards your country and your government. Taxes are the lifeblood of your country and by paying them, you keep your government alive. Your taxes help the government with our national security, defence, infrastructure and even institutions. You also help contribute towards the relief projects that the government undertakes when there is a national emergency.
You Can Avoid Serious Penalties
Knowing and complying with your local laws is so important, especially because you don’t want to be caught off-guard a few years later. In most countries, not paying your taxes is seen as a law-breaking activity and the government and law enforcement take the issue very seriously. Depending on where you are in the world, the consequences of non-compliance include hefty fines, seized assets, and even jail time. To avoid being caught unawares, talk to someone about your local laws and follow through on them.
You Can Reap The Tax Benefits That Come With Being Self-Employed
Every country comes with its own tax benefits when it comes to entrepreneurs and people who are self-employed. This includes and is not limited to tax breaks. In some countries, any business costs incurred by you for the purposes of growing your business is tax-deductible, as is the purchase of assets to help improve your business. Learn more about the tax benefits provided by your country for the self-employed.
At QNET, Independent Representatives are responsible for paying your own local, provincial and federal taxes on any commission you earn in QNET (Read QNET Policies & Procedures Clause 5.13.) If you are unsure about how to go about calculating how much tax you owe and how you can pay them on time, talk to your team and your uplines and make a plan. After all, paying your local taxes is just another way to Raise Yourself To Help Mankind (RYTHM), contributing positively to the standard of living of your community.
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