Tax Fundamentals

Types of Taxes

Taxes are a fundamental source of revenue for governments worldwide. This article provides a clear overview of the main types of taxes, their classifications, and how they differ from an accounting perspective—without focusing on any specific country.

Jan 1, 2026

VAT / GST Basics

Accounting Treatment of VAT / GST

VAT/GST is an indirect tax collected by businesses on behalf of the tax authority. This article explains input VAT vs output VAT, key journal entries, and how VAT appears in financial statements—using an international accounting approach.

Jan 1, 2026