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
Is the process by which the sovereign, through its lawmaking body raises revenues used to defray expenses of government.
Means of the government in increasing its revenue under the authority of the law purposely used to promote welfare and protection of its citizenry.
Taxation, Direct and Indirect Tax Macro Economicsckeebakhattak
this presentation tell about what is tax and what is the difference between direct and indirect taxation and its advantages(Pros) and disadvantages(Cons).
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
Is the process by which the sovereign, through its lawmaking body raises revenues used to defray expenses of government.
Means of the government in increasing its revenue under the authority of the law purposely used to promote welfare and protection of its citizenry.
Taxation, Direct and Indirect Tax Macro Economicsckeebakhattak
this presentation tell about what is tax and what is the difference between direct and indirect taxation and its advantages(Pros) and disadvantages(Cons).
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For more information, visit-www.vavaclasses.com
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Chapter 3 - Islamic Banking Products and Services.pptx
Group 2 Economics,
1.
2. Private Economy Public Economy
Benefit of Business & Service
Industry Budget is allocated based
Determines How much on previous.
spends according to
needs use labor and
capital effectively.
3. Concerned with a collective sytem of economy
Reason to study:
To be aware in numerous functions of the government.
4. Governance
The physical exercise of management power and policy
Fiscal Administration
How public budgets operate
Public income
How wealth is produced, distributed and preserved
Taxation
Other sources of government Income
Ex. Individual Income Tax
7. The Bureau of Internal Revenue
Internal revenue taxes
fees and charges
enforcement of all forfeitures
penalties and fines
presently headed by Deputy Commissioner Lilian Hefti.
8. The Bureau of Custom
In charge of imports
exports and foreign trade.
presently headed by Commissioner Napoleon Morales
9. Income taxes of individuals
Business property taxes
Residence taxes
Import taxes
Inheritance taxes
Gift taxes
Other specific taxes
10. Collection of fines and fees
Licenses and registration charges
Commercial revenue
Profits earned by government- operated and
controlled corporations.
11. Political reluctance to raise taxes
Government- sponsored capital improvements
To stimulate the economy
14. Isthe duty of the Government to
provide its children with the rudiments
of at least a Primary Education.
15. stateis to provide for its National
Defense, thus, protection against the
foreign aggression or even domestic
terrorism.
16. public welfare cover a wide range. The
term is used to include expenditures for
society indigents, the infirm, and the
aged.
17. Another priority of the government. Priority
projects include infrastructure, agro-
industrial production, both for export and
domestic consumption.
18. is the act of laying a tax. It is the process
or means by which the sovereign through
its law-making body raises income to
defray the necessary expenses of the
government.
19. 1) The primary purpose is to raise income
for government needs and this is identified
as the revenue purpose.
2) The secondary purposes of taxation are:
20. A) Compensatory Purposes
• To reduce excessive inequalities of wealth
• To maintain high level of employment
• To control inflation
B) Sumptuary or Regulatory Purposes
• To implement the police power of the state which
in charge in the promotion of general welfare
21. • The power of taxation proceeds upon the theory
that the existence of government is a necessity
and that it cannot continue without the means of
pay its expenses.
• The state collects taxes from the subjects of
taxation in order that it may be able to perform the
functions.
• The lifeblood Theory means that taxes are the
lifeblood of the government and their prompt and
certain availability are an imperious( expecting
obedience) need.
23. Taxation
Taxation is the process of tax collection.
Taxes
are most important source of government revenues.
24. 2 GENERAL PRINCIPLES OF TAXATION
1. Benefit Received Principle
holds that an individual's tax burden should be proportional to the amount
of "benefit" that the individual receives from the resource .
2. Ability to pay Principles
underlies the system of progressive income taxation
the richer pay a higher percentage of income tax
25. 2 DIMENSIONS OF ABILITY TO PAY PRINCIPLES:
1.Horizontal Equity
implies that we give the same treatment to
people in an identical situation.
2.Vertical Equity
Implies that people with higher incomes should
pay more tax.
26. The Cost of Service Theory
Satisfy the idea of equity or justice in taxation
Fiscal Adequacy
The source of revenue should be sufficient to the
demands of public expenditures.
The tax should be adequate for future revenues.
34. It is inherent in sovereignty
It is legislative in character
It is subject to constitutional and inherent
limitations
35. Levying or imposition of tax
Collection of the tax
36. Enforced contribution
Levied pursuant to legislative authority
Proportionate in character
Payable in money
37. Levied upon persons and property with
in the jurisdiction of the state
Levied and collected for the purpose of
raising revenue to be used for public
purpose
52. ~ "pecuniary burden laid upon
individuals or property owners to
support the government a payment
exacted by legislative authority.“
53. ~ is the system by which the
government takes money from
people and spends it on things
such as education, health and
defense.
-Black Law’s Dictionary
56. ~ is the debt owed by a central
government.
~ the total amount of money that a
country's central government has
borrowed to fund its spending on public
services and benefits.
57. Money borrowed by
the government through issuance
of securities, bonds and bills.
The government borrows money to make
up the difference
between revenues and expenditures. The
money comes from lenders within the
country and from foreign lenders.
58. Stabilization
~ involves the effort by the
government to achieve “full
employment with low inflation” or
an “acceptable unemployment and
inflation”.
59. The graph below shows historical exchange rates
between the Philippine Peso (PHP) and the US Dollar (USD)
between 8/6/2012 and 9/4/2012
60. Fiscal Policy
~ measures are frequently used in
tandem with monetary policy to achieve
certain goals."
61. Tariff
~ is a tax or duty levied on the import of
goods.
~ is a tax that a government collects on
good coming into a country.