What is tax compliance?

Tax compliance refers to the act of obeying and fulfilling one's obligations regarding paying taxes. It refers to the adherence to tax laws and regulations and the timely and accurate reporting of income and other tax-related information to the government. Tax compliance helps ensure that individuals and businesses pay the correct amount of taxes owed and avoid any penalties or legal consequences resulting from non-compliance. In addition, tax compliance contributes to the overall functioning of society by ensuring that necessary revenue is collected to support public services and infrastructure. It is important for individuals and businesses to stay up-to-date with tax laws and regulations and seek professional advice when necessary to ensure full tax compliance.