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What is an Income tax?
An income tax is a tax imposed by the government on the financial income of people or companies within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe taxes or are eligible for a tax refund. Income tax is a key source of funds the government uses to fund its activities and for Public Service.
What is a Rental Income Tax?
The tax collected on the average gross annual income on a rental apartment/property in the country. Rental tax is charged instead of a sales tax when equipment or properties are leased. So instead of paying a sales tax for purchase of the leased equipment, taxes are collected by the Lessor in addition to the rentals over the lease term.