Understanding Taxation: A Study on US and UAE Systems

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Recommended: The importance of value added tax

A tax is a fee levied by the government on both individuals and corporations in order to finance government activities. In this semester I took Taxation as it's a part of my studying plan, which covered almost all the aspects of taxes and everything related to it. In most modern countries taxation is the most important source of revenue.
Through taxation BUS 4163 I gained a comprehensive understanding of how does taxation works in the USA and how will they implement Value-added Tax (VAT) in UAE. I've learned that taxes influence basic business, investment, personal, and political decisions. Taxes are enforced on all corporation and most individuals. There are many types of taxes such as Federal taxes, State and local taxes and implicit taxes. There are three tax systems that each country implement one of them which are the progressive tax system that means when the tax rates increase …show more content…

We had a meeting where I had to divide the work equally and listen to their suggestion about how they want to work on the project and we've set a deadline of our own and we had to be committed to it which was 3 days before the original due date of the project which a great idea because we had enough time to review the work and correct the mistakes. Moreover, group work taught me how to manage time, how to divide work equally and improved my listening skills.
In conclusion, I truly think it's a great course and I'm very grateful to take it because it gave me a better understanding about taxation and VAT especially since VAT will be implemented in the beginning of 2018 which made me figure out how exactly it would work and it also could prevent me from getting fraud by sellers who raise the price very high. Moreover, this course can qualify me more for getting a job at Federal Tax Authority (FTA) in the future since I know much more about taxes and VAT than other

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