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KembaraXtra – Legal Terms – Income Tax
Income tax is a direct tax imposed on earnings and other forms of income, including wages, business profits, interest, and dividends. It operates on a progressive system, meaning higher earners pay tax at higher rates. In the UK, tax may be deducted at source through systems such as Pay As You Earn, or assessed through self-assessment. Income tax law has undergone significant restructuring through modern legislation to simplify its application.
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