OBJECT OF INCOME TAX FINAL

In Article 4 paragraph 2 of the Income Tax Act, explained that the income in the form of interest on deposits and other savings, income from shares and other securities transactions on the stock exchange, the income from the transfer of assets such as land or buildings


as well as certain other income, for tax purposes is regulated by the Government (see table on the last section of this chapter).The underlying consideration is given separate treatment include simplicity in tax collection, fairness and equity in taxation treatment as well as attention to economic and monetary developments. 

Such considerations also underlie the need for provision of separate treatment of the taxation of income from the transfer of rights in the form of land or buildings, as well as certain types of other income.Characteristics income becomes the object of final income tax are:

    Final income subject to income tax does not need to be combined with other outstanding income (non-final) in the calculation of income tax on annual tax return.
    Final amount of income tax that has been paid for itself or cut other parties with respect to such income can not be credited (non prepaid taxes);
    Costs used to obtain, collect, and maintain income imposition of final income tax is not deductible