Producing goods and services and paying taxes are two ways that business: benefit society.
What is taxation?
Taxation can be defined as the involuntary fees that are levied on individuals or business firms by the government of a particular country, so as to generate revenues that can be used to fund public projects, institutions and activities.
The types of tax.
In Economics, there are different types of tax levied on individuals or business firms by the government, and these include the following:
In this context, we can infer and logically deduce that the two ways through which business firms benefit society are by producing goods and services and paying taxes to the government.
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