Taxation basic concepts refer to the fundamental principles and rules associated with the process of collecting taxes. It includes topics such as tax bases, tax rates, tax deductions, tax credits, tax brackets, tax treaties, tax residency rules, tax compliance, and tax planning. Understanding these concepts is essential for individuals and businesses to ensure they meet their tax obligations and minimize their tax liability. Taxation basic concepts are relevant in all jurisdictions and can be applied across various types of taxes such as income tax, sales tax, property tax, and corporate tax.