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of <h1>Individuals Must Pay Wealth Tax on Net Wealth Per Direct Taxes Code 2010, Paragraph E, Second Schedule</h1> Every individual, excluding non-profit organizations, is obligated to pay wealth tax on their net wealth as of the valuation date of a financial year, as per the Direct Taxes Code, 2010. The tax rate is determined according to Paragraph E of the Second Schedule. Tax liabilities must be settled through pre-paid taxes, and the wealth tax is collected after accounting for any pre-paid taxes, in compliance with the Code's provisions.
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