Islam has a completely different taxation philosophy. Rather than taxing income the Islamic fiscal policy focuses taxation on wealth. Islamic taxes on wealth broadly focus on unused monies, land and benefits. Islam has an array of taxes related to the production of land and the utilisation of land. Islamic taxation consists of very low taxes and hence does not burden the Ummah. This means that individuals are more likely to invest their wealth without being afraid of high taxes and will be motivated to work harder to reap the rewards for themselves and their families. Read more>>>
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