Business tax refers to the taxes imposed on the income or profits generated by a business. This can include various forms of taxation, such as corporate income tax, sales tax, and payroll tax. The specific rates and regulations can vary depending on the country, state, or local jurisdiction where the business operates. Businesses are required to file tax returns and pay taxes based on their earnings. Proper accounting and record-keeping are essential for compliance with tax laws. Failure to pay business taxes can result in penalties, fines, or legal action from tax authorities like the Internal Revenue Service (IRS) in the United States.