Taxation

- Power to impose burdens upon subjects and objects within its jurisdiction for the purpose of
raising revenues to carry out the legitimate objects of the government.

Income Tax
- Income is the flow of wealth which goes into the hands of the tax payer other than
return of capital.

Estate Tax
- Tax imposed upon the privilege of transmitting property at the time of death and the
privilege of giving a person to a certain extent to control the disposition of his property.

Donor’s Tax
- Tax imposed upon the Transfer by any person , resident or non resident, of the property
by gift.

Value-added Tax
- Tax imposed on to any persn who, in the course of business or trade, sells, barters,
exchanges, leases, render services, and imports, shall be subject to value-added tax.