Islam has a completely different perspective on the economy and tax as the Islamic basis is different to that of capitalism. Fundamentally taxation in Islam and under the khilafah puts the emphasis of taxation on wealth rather than income. The Islamic taxation system does not tax income, but taxes wealth.
Islam has a completely different perspective on the economy and tax as the Islamic basis is different to that of capitalism. Fundamentally taxation in Islam and under the khilafah puts the emphasis of taxation on wealth rather than income. The Islamic taxation system does not tax income, but taxes wealth
The concept of taxation is quite different in Islam.
Islam doesn't tax Income, it tax saving. Hence what ever you left after your expenditure or what ever you left as saving after your expenses are taxable in Islam.
This would be significant impact on economy. Your expenditure is someone's income. So if your savings are taxed, you tried to expense out more. Hence more you expense ,more income is generated for other society members.
The process doesn't stop here. It would be an accelerator affect. As more expenditure occur, more income generated in society , hence more opportunities for new income generation would take place, more job opportunities would be generated, more businesses to established etc etc. In short a single step has a tremendous accelerator affect on economy.
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The two principles of taxation are benefit principle and the ability-to-pay principle.
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AnswerThe five pillars are the basic principles upon them all Islam teachings and morals are based.See related questions below for more information.-ELO-
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To define the basic Islam religion principles that if one denies any of them intentionally, he/she is no longer Muslim. Refer to related question below.
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islam is a religion based on truth even after 1400 years principles of islam are same rather than other religions who have changed their principles
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true
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