TABLE OF CONTENT
MEANING
DEFINITION
BASIC OF TAXATION
NATURE
IMPORTANCE
PURPOSE
MEANING OF TAXATION
TAXATION, IMPOSITION OF COMPULSORY LEVIES ON INDIVIDUALS OR ENTITIES BY GOVERNMENT.
TAXES ARE LEVIED IN ALMOST EVERY COUNTRY OF THE WORLD, PRIMARILY TO RAISE REVENUE FOR GOVERNMENT EXPENDITURES, ALTHOUGH THEY SERVE OTHER PURPOSE AS WELL.
DEFINITION OF TAXATION
OXFORD DICTIONARY:
CONTRIBUTION LEVIED ON PERSONS, PROPERTY OR BUINESSS FOR THE SUPORT OF GOVERNMENT.
LAW CASES:
A COMPULSORY EXACTION OF MONEY BY A PUBLIC AUTHORITY FOR PUBLIC PURPOSES ENFORCABLE BY LAW (MATTHEWS V THE CHICORY MARKETING BOARD, 1938)
IRB TAX GUIDE:
IS AN AMOUNT OF MONEY WHICH IS TAKEN FROM YOUR EARNINGS TO HELP TOWARDS SOME OF THE COST OF SERVICES ARE RECEIVED IN THIS COUNTRY.
BACKGROUND OF TAXATION:
INCOME TAX ORDINANCE 1947 WITH EFFECT FROM 1 JANUARY 1948.
REPLACED BY INCOME TAX ACT 1967 WITH EFFECT FROM 1 JANUARY 1968.
BASIS OF TAXATION:
NECESSITY:
“TAXATION IS THE LIFE BLOOD OR THE BREAD AND BUTTER OF THE GOVERNMENT AND EVERY CITIZEN MUST PAY HIS TAXES”
RECIPROCAL DUTIES.
NATURE OF TAXATION:
INHERENT POWER OF SOVEREIGHTY.
ESSENTIALLY A LEGISLATIVE FUNCTION FOR PUBLIC PURPOSE.
THE STRONGEST OF ALL THE INHERENT POWERS OF THE GOVERNMENT.
TERRITORIAL IN OPERATION.
SUBJECT TO CONSTITUTIONAL AND INHERENTLIMITATIONS.
IMPORTANCE OF TAXATION:
HELPS BUILDING THE NATION:
WITHOUT TAXES, IT WOULD BE IMPOSSIBLE FOR THE GOVERNMENT TO RUN THE COUNTRY.
WELFARE SCHEMES.
IMPROVED HEALTH CARE AND EDUCATION.
PURPOSE OF TAXATION:
GROWTH :
PROVIDING INCENTIVES WIHEN THE TAX SYSTEM TO PROMOTE GROWTH, ESPECIALLY IN THE PRIVATE SECOR.
REVENUE;
TAXES RAISE MONEY TO SPEND ON ARMIES, ROADS, SCHOOL AND HOSPITALS AND ON MORE INDIRECT GOVERNMENT FUNCTIONS LIKE MARKET REGULATION OR LEGAL SYSEMS.
REDISTRIBUTION:
NORMALLY, THIS MEANS TRSFERRING WEALTH FROM THE RICHER SECTION OF SOCIETY TO POWER SECTIONS..
RE - PRICING:
TAXES ARE LEVIED TO ADDRESS EXTERNILITIES.
FOR EXAMPLE: ALCOHOL IS TAXED TO DISCOURAGE ALCOHOLISM, AND A CARBON TAX DISCOURAGE USE OF CARBON BASED FUELS.
REPRESENTATION:
THE GOVERNMENT TAX CITIZENS, AND CITIZENS DEMAND ACCOUNTABILITY FROM THEIR RULERS AS THE OTHER PART OF THIS BARGAIN.
CONCEPT OF TAXATION:
TAXATION IS THE INHERENT POWER OF THE STATE TO IMPOSE AND DEMAND CONTRIBUTION UPON PERRSONS, PROPERTISE OR RIGHTS FOR THE PERSONS OF GENERATING REVENUES FOR PUBLIC PURPOSES.
THE POWER OF TAXATION UPON NECESSITY AND ITS INHERENT IN EVERY GOVERNMENT OR SOVEREIGHNTY.
THANK YOU
SEMINAR BY PRIYANKA SRINIVASULU REDDY
3. MEANINGOFTAXATION
▰ TAXATION, IMPOSITION OF COMPULSORY LEVIES ON
INDIVIDUALS OR ENTITIES BY GOVERNMENT.
▰ TAXES ARE LEVIED IN ALMOST EVERY COUNTRY OF THE
WORLD, PRIMARILY TO RAISE REVENUE FOR
GOVERNMENT EXPENDITURES, ALTHOUGH THEY
SERVE OTHER PURPOSE AS WELL.
4. DEFINITIONOFTAXATION
▰ OXFORD DICTIONARY:
▱ CONTRIBUTION LEVIED ON PERSONS, PROPERTY OR
BUINESSS FOR THE SUPORT OF GOVERNMENT.
▰ LAW CASES:
▱ A COMPULSORY EXACTION OF MONEY BY A PUBLIC
AUTHORITY FOR PUBLIC PURPOSES ENFORCABLE BY LAW
(MATTHEWS V THE CHICORY MARKETING
BOARD, 1938)
5. COUNTINUED.......
▰ IRB TAX GUIDE:
▰ IS AN AMOUNT OF MONEY WHICH IS TAKEN FROM
YOUR EARNINGS TO HELP TOWARDS SOME OF THE
COST OF SERVICES ARE RECEIVED IN THIS COUNTRY.
BACKGROUND OF TAXATION:
▰ INCOME TAX ORDINANCE 1947 WITH EFFECT FROM 1
JANUARY 1948.
▰ REPLACED BY INCOME TAX ACT 1967 WITH EFFECT FROM 1
JANUARY 1968.
7. NATUREOFTAXATION:
▰ INHERENT POWER OF SOVEREIGHTY.
▰ ESSENTIALLY A LEGISLATIVE FUNCTION FOR PUBLIC
PURPOSE.
▰ THE STRONGEST OF ALL THE INHERENT POWERS OF
THE GOVERNMENT.
▰ TERRITORIAL IN OPERATION.
▰ SUBJECT TO CONSTITUTIONAL AND
INHERENTLIMITATIONS.
8. IMPORTANCEOFTAXATION:
1. HELPS BUILDING THE NATION:
▱ WITHOUT TAXES, IT WOULD BE IMPOSSIBLE FOR THE
GOVERNMENT TO RUN THE COUNTRY.
2. WELFARE SCHEMES.
1. IMPROVED HEALTH CARE AND EDUCATION.
9. PURPOSEOFTAXATION:
▰ GROWTH :
▱ PROVIDING INCENTIVES WIHEN THE TAX SYSTEM TO
PROMOTE GROWTH, ESPECIALLY IN THE PRIVATE SECOR.
▰ REVENUE;
▱ TAXES RAISE MONEY TO SPEND ON ARMIES, ROADS, SCHOOL
AND HOSPITALS AND ON MORE INDIRECT GOVERNMENT
FUNCTIONS LIKE MARKET REGULATION OR LEGAL SYSEMS.
10. COUNTINUED……..
▰ REDISTRIBUTION:
▱ NORMALLY, THIS MEANS TRSFERRING WEALTH FROM THE
RICHER SECTION OF SOCIETY TO POWER SECTIONS..
▰ RE - PRICING:
▱ TAXES ARE LEVIED TO ADDRESS EXTERNILITIES.
▸ FOR EXAMPLE: ALCOHOL IS TAXED TO DISCOURAGE
ALCOHOLISM, AND A CARBON TAX DISCOURAGE USE OF
CARBON BASED FUELS.
12. CONCEPTOFTAXATION:
▰ TAXATION IS THE INHERENT POWER OF THE STATE TO IMPOSE
AND DEMAND CONTRIBUTION UPON PERRSONS, PROPERTISE
OR RIGHTS FOR THE PERSONS OF GENERATING REVENUES FOR
PUBLIC PURPOSES.
▰ THE POWER OF TAXATION UPON NECESSITY AND ITS INHERENT
IN EVERY GOVERNMENT OR SOVEREIGHNTY.
