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    Russell Stanley Que Geronimo
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    This document discusses the concepts and purposes of taxation. It defines taxation as the means by which a sovereign government raises income through its laws to fund necessary government expenses. Some purposes of taxation mentioned include funding government operations, strengthening weak industries through tax exemptions, protecting local industries through customs duties, reducing income inequalities through progressive taxation, reducing inflation, and expanding business during economic slumps by decreasing taxes. Tax is defined as an enforced proportional contribution, generally paid in money, that is levied by law and collected by the state from persons or property within its jurisdiction to support the government and public needs. The document then introduces the next chapter which will discuss the concepts and items that constitute taxable income, listing labor, use of capital including

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    This document discusses the concepts and purposes of taxation. It defines taxation as the means by which a sovereign government raises income through its laws to fund necessary government expenses. Some purposes of taxation mentioned include funding government operations, strengthening weak industries through tax exemptions, protecting local industries through customs duties, reducing income inequalities through progressive taxation, reducing inflation, and expanding business during economic slumps by decreasing taxes. Tax is defined as an enforced proportional contribution, generally paid in money, that is levied by law and collected by the state from persons or property within its jurisdiction to support the government and public needs. The document then introduces the next chapter which will discuss the concepts and items that constitute taxable income, listing labor, use of capital including

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    © All Rights Reserved
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    17 views1 page

    NIRC Trello

    Uploaded by

    Russell Stanley Que Geronimo
    This document discusses the concepts and purposes of taxation. It defines taxation as the means by which a sovereign government raises income through its laws to fund necessary government expenses. Some purposes of taxation mentioned include funding government operations, strengthening weak industries through tax exemptions, protecting local industries through customs duties, reducing income inequalities through progressive taxation, reducing inflation, and expanding business during economic slumps by decreasing taxes. Tax is defined as an enforced proportional contribution, generally paid in money, that is levied by law and collected by the state from persons or property within its jurisdiction to support the government and public needs. The document then introduces the next chapter which will discuss the concepts and items that constitute taxable income, listing labor, use of capital including

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Chapter 1

    General Principles

    What is taxation?

    (1) The means
    (2) by which the sovereign, through its law-making body
    (3) raises income
    (4) to defray necessary expenses of government.

    What are some purposes of taxation?

    (1) Government operational expenditures
    (2) Strengthen anemic enterprises by giving tax exemptions
    (3) Impose high customs duties to protect local industries from foreign
    competition
    (4) Progressive taxation to reduce income inequalities
    (5) Reduce inflation
    (6) Expand business during periods of slump, by decreasing taxes

    What is tax?

    (1) Enforced proportional contribution
    (2) Generally payable in money
    (3) Levied by law-making body of the State
    (4) By virtue of sovereignty
    (5) Upon persons or property within its jurisdiction
    (6) For the support of government and all public needs

    Chapter 2
    Concept and Items of Income

    What are sources of income?

    1. Labor
    2. Use of capital (including land)
    3. Profits from sale/exchange of capital assets

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