CPA, MBA. (In a perfect environment, yung nakolekta yun lang dapat ang panggagastos. In its most general analyses, this literature uses a social welfare function that is a nonlinear function of individual utilities. It then provides an overview of the principles underlying corporate income tax, focusing primarily on the taxation of cross-border income both 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. Taxes include income, capital gains, or estate. Why is it important? What is Taxation? This principle points to progressive taxation. PDF. Fundamental principles of taxation This chapter discusses the overarching principles of tax policy that have traditionally guided the development of tax systems. December 17, 2015. Recortar slides é uma maneira fácil de colecionar slides importantes para acessar mais tarde. Clipping is a handy way to collect important slides you want to go back to later. The time of payment, the manner of payment, the Published in: Business, News & Politics. 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. If this principle could be implemented, the allocation of resources through the public sector would respond directly to consumer wishes. Download with Google Download with Facebook. Nonlinearity allows 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. Ferdinand C. Importado This power is legislative in nature and is essential to the existence of any independent government. • If it is not within the ambit of Section 3, no income tax is due in respect of that transaction. If a tax fails to meet these principles or rules, then it is considered a bad tax system. taxation must be correct; „The tax which each individual is bound to pay ought to be certain, and not arbitrary. Download. Principles of a Good Tax System: Taxation being compulsory contributions from individuals, or business entities to the government to defray the public expenditures by … GENERAL PRINCIPLES OF TAXATION FUNDAMENTAL PRINCIPLES IN TAXATION. 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). … Value Added Tax (Vat): Value added tax (VAT) belongs to the family of sales tax. 1. 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. 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. Se você continuar a navegar o site, você aceita o uso de cookies. 11. See our User Agreement and Privacy Policy. principles of taxation, ajs illustrating the advantages of a perfect income tax. See our Privacy Policy and User Agreement for details. PDF. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. Share; Like; Download ... krista3633. It is a tax on the value added to the good by the last seller. VAT is not a tax on the total value of goods being sold. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The persons who are taxed have to pay the taxes irrespective of any corresponding return from the goods or services by the government. 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. GENERAL PRINCIPLES OF TAXATION FUNDAMENTAL PRINCIPLES IN TAXATION. Fiscal Adequacy - the source of revenue should be sufficient to meet the demands of public expenditure. For example, because imported products are easier to tax than domestic output, import duties were among the earliest taxes. A good tax system follows the four principles of taxation. Follow Published on Jul 9, 2011. Tax 111 – Income Taxation Most governmental activities must be financed by taxation. 5. THE PRINCIPLES OF TAXATION. Rationale 6. Create a free account to download. These principles of taxation are basically the rules that govern taxation. General Principles 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. Objectives of Taxation: The primary purpose of taxation is to raise revenue to meet huge public expenditure. 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. 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 the Philippines 1. Camille Anne E. Duterte national law: National Internal Revenue Code—enacted as Republic Act No. Upcoming SlideShare. TAXATION Camille Anne E. Duterte 4LM3 December 17, 2015 2. 8 Passthrough entities only have a single level of tax GENERAL PRINCIPLES 3. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. TAXATION is defined in many ways. 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 Download Free PDF. The principle recognises that the purpose of taxation is to pay for government services. Now customize the name of a clipboard to store your clips. 1/6/2016 7:58 PM 2 2. Customer Code: Creating a Company Customers Love, No public clipboards found for this slide. Leia nosso Contrato do Usuário e nossa Política de Privacidade. It is of recent origin. O SlideShare utiliza cookies para otimizar a funcionalidade e o desempenho do site, assim como para apresentar publicidade mais relevante aos nossos usuários. Learn more about taxation in this article. O SlideShare utiliza cookies para otimizar a funcionalidade e o desempenho do site, assim como para apresentar publicidade mais relevante aos nossos usuários. A tax is a compulsory charge or fees imposed by government on individuals or corporations. Taxation Summary 1. Objectives At the end of this lecture, the students shall be able to: • Define taxation. This tax has been adopted as an important tool to impart greater flexibility to the revenue base of an economy. Taxation 101 basic rules and principles in philippine taxation by jr lopez go... Nenhum painel de recortes público que contém este slide. • Describe the principles of a sound tax … 1998 net income 100,000, corporate tax 22,250 ; NPV 16710. Looks like you’ve clipped this slide to already. 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. General Principles of Taxation Tax 111 – Income Taxation Ferdinand C. Importado CPA, MBA 2. 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". Taxation, imposition of compulsory levies on individuals or entities by governments. By equality is meant equality of sacrifice, that is people should pay taxes in proportion to their incomes. NPV of total tax of 50,240 37,730, worse than pass-through. 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. lower corporate tax rates ; BUT, if corporation pays a dividend, then individual also taxed on 77,750 x 36 27,990. 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. 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. For a tax system to be considered good, the tax system must meet the rules governing it. Se você continuar a utilizar o site, você aceita o uso de cookies. • According to the principle, if a country consider certain income as taxable income when such income arises within its jurisdiction, Such income is … Definition 4. Upcoming SlideShare. Loading in ... General Principles of Taxation Tax 111 – Income Taxation Ferdinand C. Importado CPA, MBA 2. Free PDF. • Discuss the purposes of taxation. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. PDF. This is part 1 of chapter 2 of Income taxation for non-BSA by Ampongan, Parece que você já adicionou este slide ao painel. Ferdinand Pauig. The act of levying taxes is called taxation. Why is this better even though the tax refund was delayed? Altere suas preferências de anúncios quando desejar. 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. ... 01 General Principles of Taxation 42,697 views. PRINCIPLES OF SOUND TAX SYSTEM. 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 … SOURCE PRINCIPLES OF TAXATION • Source Principle of Taxation is a principle for the taxation of international income flows. 4. • Identify the theory and basis of taxation. Taxation in Malaysia • The law governing income tax in Malaysia is the Income Tax Act, 1967 (ITA, 1967). Taxation refers to the act of levying or imposing a tax by a taxing authority. If you continue browsing the site, you agree to the use of cookies on this website. Download PDF Package. TAXATION PDF. or. 1. 4LM3 a paper read before the dublin statistical society: 18th november, 1850. by w. neilson hancock, lld. • A transaction must fall within the ambit/scope of Section 3 of ITA, 1967 in order to be liable to income tax. Principles of a Good Tax System []. It is the power by which the sovereign, through its law-making body, raises revenue to defray the necessary expenses of the government. 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. Tax treaties are primarily relieving in nature and do not impose tax Utilizamos seu perfil e dados de atividades no LinkedIn para personalizar e exibir anúncios mais relevantes. Certainty of taxation: the amount of tax must be certain and not fixed arbitrarily, to avoid abuses of tax, i.e. It states that the rate or percentage of taxation should increase with the increase in income and decrease with the decrease in income. But it is not the only goal. What are taxes? Agora, personalize o nome do seu painel de recortes. 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. If taxes are imposed according to the benefit principle, people pay taxes in proportion to the benefits they receive from government spending. 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Of tax, i.e, 2015 seu perfil e dados de atividades LinkedIn... Any independent government equality of sacrifice, that is a tax fails to meet the of... We use your LinkedIn profile and activity data to personalize ads and to provide you with relevant advertising independent.... • Define taxation domestic output, import duties were among the earliest taxes tax been. Perfil e dados de atividades No LinkedIn para personalizar e exibir anúncios mais relevantes, assim como apresentar! On 77,750 x 36 27,990 Duterte 4LM3 December 17, 2015 raises revenue to the. Its most general analyses, this literature uses a social welfare function that is a by! Para apresentar publicidade mais relevante aos nossos usuários the good by the last seller yun! Have to pay the taxes irrespective of any independent government duties were among earliest... 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