As we get deeper on the glorified season of any company when it comes to its

compliance with government agencies, Audit of Financial Statements and Annual

Income Tax Filing and Submission, the Securities and Exchange Commission (SEC)
had released a schedule on the submission of company’s Audited Financial
Statements (AFS) in order to maintain an organized and orderly filing.

Based on the SEC Memorandum Circular No. 2 Series of 2020 issued by SEC dated
January 21, 2020, the following is the schedule of submission of the Audited
Financial Statements (AFS).

April 20,21,22,23,24 : 1 and 2

April 27,28,29,30 : 3 and 4
May 4,5,6,7,8 : 5 and 6
May 11,12,13,14,15 : 7 and 8
May 18,19,20,21,22 : 9 and 0

This essay is excerpted from Chapter 2 of Economics and Ethics of Private Property, newly published by
the Mises Institute.]

First, I want to explain the general economic effect of taxation. This represents a praxeological analysis
of taxation and as such should not be expected to go much beyond what has already been said by other
economists.

To say there is nothing new to be stated regarding the economic effects of taxation is not to say that
what there is would not be news to many. In fact, after surveying several popular economics textbooks it
would seem that what I have to say is news to most of today's economists and students of economics.
Insofar as these texts deal with the economic effects of taxation at all, beyond a purely descriptive
presentation of various tax-schemes and their historical development,[1] they are almost completely
silent on the question of what the general effects of taxation are. Moreover, what in their discussion of
the problem of tax-incidence these texts then say about the economic effects of specific forms of
taxation is invariably flawed.