Law > EXAM > Lesson 15 Taxation EXAM 2022/2023 (All)

Lesson 15 Taxation EXAM 2022/2023

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Fiscal Adequacy taxes collected must be sufficient to fund the necessary government expenditures in a given fiscal year Administrative Feasibility payment of taxes must be taxpayer friendly Theoretical Justice "ability-to-pay" principle Inherent Limitations these are specific limitations that are not affected by changes in the provisions of the Constitution Double Taxation transaction was imposed with 2 or more taxes in the same year Direct Duplicate income is taxed twice and is not forbidden by law in the Philippines Taxation a means for a state, through laws and legislation, to obtain income to finance public expenditures Tax a fee imposed upon individuals, properties, transactions and business entities to support the necessary expenses and services of governmen Situs it refers to the place where taxes are to be paid Shifting this is the transferring of the tax burden to one person to another Capitalization this is done by reducing the price of a taxable product or service to lower the tax that will be imposed on its consumption Tax Avoidance this refers to the availing by taxpayer of legally allowable means in reducing or lessening the tax due Tax Evasion this refers to the use by the taxpayer of illegal means in escaping, defeating or lessening the tax due Tax Exemption the bestowal of immunity by the taxing authority on a taxpayer from the obligation of tax payment taxation means laying a tax through which the government generates income to defray its expenses. taxation it is the way to raise funds for government programs and services that benefit Filipino citizens national and local two types of taxes Bureau of Internal Revenue National taxes are the ones paid to the government through the ____ national Internal Revenue Code of 1997 the RA No. 8424 otherwise known as the tax reform act of 1997 as amended Capital gains NATIONAL TAXES a tax imposed on gains that may have been realized by a seller from the sale, exchange, or other disposition of capital assets pacto de retro sales a sale with a condition for repurchase documentary stamp tax NATIONAL TAXES is a tax on documents, instruments, loan agreements, and papers evidencing the acceptance, assignment, sale or transfer of an obligation, rights, or property incident Donor's tax NATIONAL TAXES is a tax on donation or gift estate tax NATIONAL TAXES is a tax on the right of the deceased person to transmit his/her estate to lawful heirs and beneficiaries at the time of death and on certain transfers income tax NATIONAL TAXES is a tax on all annual profits made from property ownership, profession, trade or offices Percentage tax NATIONAL TAXES is a business tax imposed on persons or entities who sell or lease goods properties or services

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