Taxation In The Philippines
Karen Joy Madrio Juan January 24, 2015
Grade 9 – Davao Sir Daryl D. Dela Cruz
Business Math: ASSIGNMENT # 1
Taxation in the Philippines
Taxation
It is the inherent power by which the sovereign state imposes financial burden upon persons and property as a means of raising revenues in order to defray the necessary expenses of the government
It is the imposition of financial charges or other levies , upon a taxpayer (an individual or legal entity) by a state such that failure to pay is punishable by law.
It is a mode by which government make exactions for revenue in order to support their existence and carry out their legitimate objectives.
It is the most pervasive and the strongest of all the powers of the government. Taxes are the lifeblood of the government, without which, it cannot subsist.
Cedula
Also known as a “residence certificate”, it is a legal identity document in the Philippines.
Issued by cities and municipalities to all persons that have reached the age of majority and upon payment of a community tax, it is considered as a primary form of identification in the Philippines and is one of the closest single documents the Philippines has to a national system of identification, akin to a driver's license and a passport.
A person is required to present a cedula when he or she acknowledges a document before a notary public ; takes an oath of office upon election or appointment to a government position; receives a license , certificate or permit from a public authority ; pays a tax or fee ; receives money from a public fund ; transacts official business ; or receives salary from a person or corporation
Four R’s of Taxation
1 Revenue - The taxes raise money to spend on armies, roads, schools and hospitals, and on more indirect government functions like market regulation or legal systems.
2 Redistribution - This refers to the transferring wealth from the richer sections of society to poorer sections.
3 Repricing - Taxes are levied to
Grade 9 – Davao Sir Daryl D. Dela Cruz
Business Math: ASSIGNMENT # 1
Taxation in the Philippines
Taxation
It is the inherent power by which the sovereign state imposes financial burden upon persons and property as a means of raising revenues in order to defray the necessary expenses of the government
It is the imposition of financial charges or other levies , upon a taxpayer (an individual or legal entity) by a state such that failure to pay is punishable by law.
It is a mode by which government make exactions for revenue in order to support their existence and carry out their legitimate objectives.
It is the most pervasive and the strongest of all the powers of the government. Taxes are the lifeblood of the government, without which, it cannot subsist.
Cedula
Also known as a “residence certificate”, it is a legal identity document in the Philippines.
Issued by cities and municipalities to all persons that have reached the age of majority and upon payment of a community tax, it is considered as a primary form of identification in the Philippines and is one of the closest single documents the Philippines has to a national system of identification, akin to a driver's license and a passport.
A person is required to present a cedula when he or she acknowledges a document before a notary public ; takes an oath of office upon election or appointment to a government position; receives a license , certificate or permit from a public authority ; pays a tax or fee ; receives money from a public fund ; transacts official business ; or receives salary from a person or corporation
Four R’s of Taxation
1 Revenue - The taxes raise money to spend on armies, roads, schools and hospitals, and on more indirect government functions like market regulation or legal systems.
2 Redistribution - This refers to the transferring wealth from the richer sections of society to poorer sections.
3 Repricing - Taxes are levied to