What is Taxation? Agora, personalize o nome do seu painel de recortes. Explain the principles/canons of taxation ELEMENTS OF TAXATION NOTES- BY NDYABANAWE JACKSON (LECTURER) Page 2 ELEMENTS OF TAXATION Important terms/concepts in taxation Tax holidays. Published in: Business, News & Politics. (In a perfect environment, yung nakolekta yun lang dapat ang panggagastos. Upcoming SlideShare. General interpretations of Principles of DTAA: Tax treaty is based on mutual understanding between two states, if more than one language in involved, there must be a common / uniform interpretation which must be applied. If you continue browsing the site, you agree to the use of cookies on this website. Taxation - Taxation - Principles of taxation: The 18th-century economist and philosopher Adam Smith attempted to systematize the rules that should govern a rational system of taxation. NPV of total tax of 50,240 37,730, worse than pass-through. December 17, 2015. Rationale 6. For example, because imported products are easier to tax than domestic output, import duties were among the earliest taxes. 4LM3 If you continue browsing the site, you agree to the use of cookies on this website. Most governmental activities must be financed by taxation. Taxation - Taxation - Classes of taxes: In the literature of public finance, taxes have been classified in various ways according to who pays for them, who bears the ultimate burden of them, the extent to which the burden can be shifted, and various other criteria. Taxation - Taxation - The benefit principle: Under the benefit principle, taxes are seen as serving a function similar to that of prices in private transactions; that is, they help determine what activities the government will undertake and who will pay for them. or. General Principles … Free PDF. Se você continuar a navegar o site, você aceita o uso de cookies. Tax 111 – Income Taxation In its most general analyses, this literature uses a social welfare function that is a nonlinear function of individual utilities. Certainty of taxation: the amount of tax must be certain and not fixed arbitrarily, to avoid abuses of tax, i.e. GENERAL PRINCIPLES OF TAXATION FUNDAMENTAL PRINCIPLES IN TAXATION. Download. The time of payment, the manner of payment, the CONCEPT OF TAXATION  Taxation is the inherent power of the state to impose and demand contribution upon persons, properties, or rights for the purposes of generating revenues for public purposes. Why is this better even though the tax refund was delayed? 1998 net income 100,000, corporate tax 22,250 ; NPV 16710. Altere suas preferências de anúncios quando desejar. TAXATION Camille Anne E. Duterte 4LM3 December 17, 2015 2. Share; Like; Download ... krista3633. Definition 4. Value Added Tax (Vat): Value added tax (VAT) belongs to the family of sales tax. 8 Passthrough entities only have a single level of tax General Principles of Taxation Tax 111 – Income Taxation Ferdinand C. Importado CPA, MBA 2. In The Wealth of Nations (Book V, chapter 2) he set down four general canons: Although they need to be reinterpreted from time to time, these principles retain remarkable relevance. Taxation in Malaysia • The law governing income tax in Malaysia is the Income Tax Act, 1967 (ITA, 1967). lower corporate tax rates ; BUT, if corporation pays a dividend, then individual also taxed on 77,750 x 36 27,990. It then provides an overview of the principles underlying corporate income tax, focusing primarily on the taxation of cross-border income both A tax is a compulsory charge or fees imposed by government on individuals or corporations. Download with Google Download with Facebook. Upcoming SlideShare. The persons who are taxed have to pay the taxes irrespective of any corresponding return from the goods or services by the government. Utilizamos seu perfil e dados de atividades no LinkedIn para personalizar e exibir anúncios mais relevantes. ... 01 General Principles of Taxation 42,697 views. Learn more about taxation in this article. The first principle, efficiency, means that the tax system raises enough revenue to sponsor projects without burdening the economy and the system shall not become a disincentive for performance. See our User Agreement and Privacy Policy. Recortar slides é uma maneira fácil de colecionar slides importantes para acessar mais tarde. If a tax fails to meet these principles or rules, then it is considered a bad tax system. O SlideShare utiliza cookies para otimizar a funcionalidade e o desempenho do site, assim como para apresentar publicidade mais relevante aos nossos usuários. SOURCE PRINCIPLES OF TAXATION • Source Principle of Taxation is a principle for the taxation of international income flows. Looks like you’ve clipped this slide to already. ; Understandable - The system should not be incomprehensible … Taxation - Taxation - History of taxation: Although views on what is appropriate in tax policy influence the choice and structure of tax codes, patterns of taxation throughout history can be explained largely by administrative considerations. • A transaction must fall within the ambit/scope of Section 3 of ITA, 1967 in order to be liable to income tax. General Principles of Income Taxation [email_address] O SlideShare utiliza cookies para otimizar a funcionalidade e o desempenho do site, assim como para apresentar publicidade mais … 1/6/2016 7:58 PM 2 2. PDF. There can be no tax unless there is a law imposing the tax is consistent with the doctrine or principle of (a) Uniformity in taxation: (b) Due process of law, (c) Non-delegation of the power to tax; (d) The power of taxation is very broad and the only limitation is the sense of responsibility of the members of the legislature to their constituents. Fundamental principles of taxation This chapter discusses the overarching principles of tax policy that have traditionally guided the development of tax systems. It is of recent origin. • Discuss the purposes of taxation. PDF. Principles of a Good Tax System: Taxation being compulsory contributions from individuals, or business entities to the government to defray the public expenditures by … Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. For a tax system to be considered good, the tax system must meet the rules governing it. Principles of Taxation Principle of Equity: This principle states that a good tax system should be as just as possible by ensuring that all persons who ought to pay the tax are covered by the tax and that each taxpayer pays exactly what is just and CPA, MBA. GENERAL PRINCIPLES OF TAXATION FUNDAMENTAL PRINCIPLES IN TAXATION. national law: National Internal Revenue Code—enacted as Republic Act No. • Identify the theory and basis of taxation. • If it is not within the ambit of Section 3, no income tax is due in respect of that transaction. If this principle could be implemented, the allocation of resources through the public sector would respond directly to consumer wishes. Now customize the name of a clipboard to store your clips. 1. Objectives At the end of this lecture, the students shall be able to: • Define taxation. Principles of a Good Tax System []. Taxation in the Philippines 1. This is where the government gives a grace period to an investor during which period the investor does not pay tax until the grace period is over. This power is legislative in nature and is essential to the existence of any independent government. of Taxation taxation typically treats the social planner as a utilitarian: that is, the social welfare function is based on the utilities of individuals in the society. The act of levying taxes is called taxation. The principle recognises that the purpose of taxation is to pay for government services. This tax has been adopted as an important tool to impart greater flexibility to the revenue base of an economy. If taxes are imposed according to the benefit principle, people pay taxes in proportion to the benefits they receive from government spending. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. 1. GENERAL PRINCIPLES 3. See our Privacy Policy and User Agreement for details. Taxation refers to the act of levying or imposing a tax by a taxing authority. But it is not the only goal. It is the power by which the sovereign, through its law-making body, raises revenue to defray the necessary expenses of the government. TAXATION is defined in many ways. Tax treaties are primarily relieving in nature and do not impose tax By equality is meant equality of sacrifice, that is people should pay taxes in proportion to their incomes. ECON4The Principles of Taxation How to distinguish between a ‘good’ and a ‘bad’ tax Aquinas College Economics Department Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Commonly heard definitions include: It is the process by which the sovereign, through its law making body, races revenues use to defray expenses of government. Fiscal Adequacy - the source of revenue should be sufficient to meet the demands of public expenditure. Taxation Summary 1. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. Taxation, imposition of compulsory levies on individuals or entities by governments. Ferdinand Pauig. What are taxes? These principles of taxation are basically the rules that govern taxation. This is part 1 of chapter 2 of Income taxation for non-BSA by Ampongan, Parece que você já adicionou este slide ao painel. Taxation 101 basic rules and principles in philippine taxation by jr lopez go... Nenhum painel de recortes público que contém este slide. 5. dublin: published for the society by hodges and smith, 104, grafton street, 1851. dublin statistical society. It is a tax on the value added to the good by the last seller. This principle points to progressive taxation. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. THE PRINCIPLES OF TAXATION. It is a means of government in increasing its revenue under the authority of the law, purposely used to promote welfare and protection of its citizenry. Leia nosso Contrato do Usuário e nossa Política de Privacidade. Create a free account to download. Ferdinand C. Importado Clipping is a handy way to collect important slides you want to go back to later. VAT is not a tax on the total value of goods being sold. Nonlinearity allows PRINCIPLES OF SOUND TAX SYSTEM. Why is it important? Download Free PDF. Efficient - A tax system should raise enough revenue such that government projects can be adequately sponsored, without burdening the economy too much (not particularly the tax payer), as not to become a disincentive for performance (internal and external investment, work returns and savings). PDF. Download PDF Package. Loading in ... General Principles of Taxation Tax 111 – Income Taxation Ferdinand C. Importado CPA, MBA 2. Se você continuar a utilizar o site, você aceita o uso de cookies. Taxes include income, capital gains, or estate. Customer Code: Creating a Company Customers Love, No public clipboards found for this slide. http://www.dreamstime.com/royalty-free-stock-image-cartoon-house-image23227706, https://www.google.com.ph/search?q=van+cartoon&source=lnms&tbm=isch&sa=X&ved=0ahUKEwij_IX8hOPJAhWDao4KHWwOCd4Q_AUIBygB&biw=1242&bih=606#imgrc=SeUz9Ti-QvsBVM%3A, 1. PDF. TAXATION • Describe the principles of a sound tax … a paper read before the dublin statistical society: 18th november, 1850. by w. neilson hancock, lld. taxation must be correct; „The tax which each individual is bound to pay ought to be certain, and not arbitrary. 11. The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts.. Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that "Congress shall evolve a progressive system of taxation". principles of taxation, ajs illustrating the advantages of a perfect income tax. Objectives of Taxation: The primary purpose of taxation is to raise revenue to meet huge public expenditure. A good tax system follows the four principles of taxation. You can change your ad preferences anytime. Follow Published on Jul 9, 2011. 4. O SlideShare utiliza cookies para otimizar a funcionalidade e o desempenho do site, assim como para apresentar publicidade mais relevante aos nossos usuários. Camille Anne E. Duterte Leia nossa Política de Privacidade e nosso Contrato do Usuário para obter mais detalhes. Taxes are enforced proportional contributions from persons and properties levied by the lawmaking body of the government by virtue of its sovereignty for the support of the government and public need. 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