Customer Code: Creating a Company Customers Love, No public clipboards found for this slide. Objectives At the end of this lecture, the students shall be able to: • Define taxation. VAT is not a tax on the total value of goods being sold. If taxes are imposed according to the benefit principle, people pay taxes in proportion to the benefits they receive from government spending. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. 8 Passthrough entities only have a single level of tax Fundamental principles of taxation This chapter discusses the overarching principles of tax policy that have traditionally guided the development of tax systems. 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. Why is it important? Ferdinand C. Importado PRINCIPLES OF SOUND TAX SYSTEM. (In a perfect environment, yung nakolekta yun lang dapat ang panggagastos. 1. By equality is meant equality of sacrifice, that is people should pay taxes in proportion to their incomes. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 4. Certainty of taxation: the amount of tax must be certain and not fixed arbitrarily, to avoid abuses of tax, i.e. CPA, MBA. • According to the principle, if a country consider certain income as taxable income when such income arises within its jurisdiction, Such income is … Taxation Summary 1. TAXATION Camille Anne E. Duterte 4LM3 December 17, 2015 2. Taxation in Malaysia • The law governing income tax in Malaysia is the Income Tax Act, 1967 (ITA, 1967). Principles of a Good Tax System: Taxation being compulsory contributions from individuals, or business entities to the government to defray the public expenditures by … 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. Download. In its most general analyses, this literature uses a social welfare function that is a nonlinear function of individual utilities. 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". The time of payment, the manner of payment, the Looks like you’ve clipped this slide to already. This principle points to progressive taxation. General Principles of Taxation Tax 111 – Income Taxation Ferdinand C. Importado CPA, MBA 2. Upcoming SlideShare. PDF. 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. O SlideShare utiliza cookies para otimizar a funcionalidade e o desempenho do site, assim como para apresentar publicidade mais relevante aos nossos usuários. Recortar slides é uma maneira fácil de colecionar slides importantes para acessar mais tarde. dublin: published for the society by hodges and smith, 104, grafton street, 1851. dublin statistical society. … 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. It states that the rate or percentage of taxation should increase with the increase in income and decrease with the decrease in income. What are taxes? 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. 1. • Identify the theory and basis of taxation. This power is legislative in nature and is essential to the existence of any independent government. or. GENERAL PRINCIPLES OF TAXATION FUNDAMENTAL PRINCIPLES IN TAXATION. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. It then provides an overview of the principles underlying corporate income tax, focusing primarily on the taxation of cross-border income both If you continue browsing the site, you agree to the use of cookies on this website. 11. But it is not the only goal. This is part 1 of chapter 2 of Income taxation for non-BSA by Ampongan, Parece que você já adicionou este slide ao painel. GENERAL PRINCIPLES 3. Free PDF. • Describe the principles of a sound tax … Taxation, imposition of compulsory levies on individuals or entities by governments. Fiscal Adequacy - the source of revenue should be sufficient to meet the demands of public expenditure. Ferdinand Pauig. principles of taxation, ajs illustrating the advantages of a perfect income tax. Create a free account to download. 1998 net income 100,000, corporate tax 22,250 ; NPV 16710. Download with Google Download with Facebook. Taxation in the Philippines 1. These principles of taxation are basically the rules that govern taxation. TAXATION is defined in many ways. Principles of a Good Tax System []. This tax has been adopted as an important tool to impart greater flexibility to the revenue base of an economy. taxation must be correct; „The tax which each individual is bound to pay ought to be certain, and not arbitrary. Camille Anne E. Duterte Leia nosso Contrato do Usuário e nossa Política de Privacidade. Taxation 101 basic rules and principles in philippine taxation by jr lopez go... Nenhum painel de recortes público que contém este slide. A good tax system follows the four principles of taxation. The act of levying taxes is called taxation. It is the power by which the sovereign, through its law-making body, raises revenue to defray the necessary expenses of the government. 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. Agora, personalize o nome do seu painel de recortes. national law: National Internal Revenue Code—enacted as Republic Act No. 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. Why is this better even though the tax refund was delayed? 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. Tax treaties are primarily relieving in nature and do not impose tax Learn more about taxation in this article. Leia nossa Política de Privacidade e nosso Contrato do Usuário para obter mais detalhes. 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. Se você continuar a navegar o site, você aceita o uso de cookies. 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). 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. Rationale 6. 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. General Principles Se você continuar a utilizar o site, você aceita o uso de cookies. O SlideShare utiliza cookies para otimizar a funcionalidade e o desempenho do site, assim como para apresentar publicidade mais relevante aos nossos usuários. Published in: Business, News & Politics. For a tax system to be considered good, the tax system must meet the rules governing it. Altere suas preferências de anúncios quando desejar. Share; Like; Download ... krista3633. Follow Published on Jul 9, 2011. Definition 4. December 17, 2015. See our User Agreement and Privacy Policy. Most governmental activities must be financed by taxation. 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. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. 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. • A transaction must fall within the ambit/scope of Section 3 of ITA, 1967 in order to be liable to income tax. 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