Tax Introduction and Important Definitions | Taxes Explained (Part 1)
TAXATION refers to the process by which governments and other taxing authorities impose charges or levies on individuals, businesses, and other entities to generate revenue. These revenues are then used to fund various public services and functions, such as infrastructure development, healthcare, education, defense, and social welfare programs.
This video covers the basic concept of tax, introduction and important definition and scope.
📚Taxes are a fundamental source of income for governments at all levels, enabling them to carry out their responsibilities and provide essential services to their citizens.
📚 Administrative feasibility, in the context of taxation, refers to the practicality and ease with which a tax can be implemented, collected, and enforced by tax authorities. It involves assessing whether a proposed tax policy or regulation can be effectively put into practice without creating excessive complexities, burdens, or costs for both the tax administration and the taxpayers.
📚 Theoretical Justice in taxation refers to the idea of designing tax systems and policies in a way that is perceived as fair and equitable by society. It involves considering ethical and moral principles to determine how the burden of taxation should be distributed among individuals and entities.
📚 Fiscal Adequacy in taxation refers to the concept of designing a tax system that generates sufficient revenue to meet the financial needs and obligations of the government. In other words, it involves creating a tax structure that can effectively fund government expenditures, programs, services, and public investments.
Basic concepts of income tax. Income tax introduction and important definitions. Scope of income tax.
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⌚️ Time Stamps:
00:00 What is Taxation
00:29 Inherent Powers of the State
01:17 Basis of Taxation
01:51 Scope & Limitation
03:17 Outro
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Disclaimer:
This video is mainly for academic purposes and is not a substitute in doing due diligence. For highly technical tax issues, seek professional assistance or contact BIR for proper tax compliance.
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