What is the meaning of tax taxation?

Taxation is the system by which a government takes money from people and spends it on things such as education, health, and defence. 2. uncountable noun. Taxation is the amount of money that people have to pay in taxes.

Is GOCC taxable?

TAX ON GOVERNMENT-OWNED AND CONTROLLED CORPORATIONS (GOCCs) As a means of broadening the tax base and equalizing the tax burden of government-owned and controlled corporations (GOCCs) and private corporations, GOCCs are now subject to the regular corporate tax rate (Sec. 27 (C ).

What is taxation and its importance?

The primary purpose of taxation is to raise revenue to finance government expenditure. With stable tax revenue, governments are able to provide a wide range of public goods and services such as maintaining security, constructing social infrastructure, and providing welfare services.

What is the major purpose of taxation?

The main purpose of taxation is to provide revenues for the government.

What are the main objectives of taxation?

The primary goal of a national tax system is to generate revenues to pay for the expenditures of government at all levels. Because public expenditures tend to grow at least as fast as the national product, taxes, as the main vehicle of government finance, should produce revenues that grow correspondingly.

What is the benefit principle of taxation?

The Benefits Received Principle, which is a theory of income tax fairness that says people should pay taxes based on the benefits they receive from the government.

Which is taxable as compensation?

Types of taxable compensation Gross compensation income is defined as taxable income arising from an employer/employee relationship and includes the following: salaries, wages, compensation, commissions, emoluments, and honoraria. bonuses and other benefits exceeding PHP90,000.

What is progressive system of taxation?

A progressive tax is one where the average tax burden increases with income. High-income families pay a disproportionate share of the tax burden, while low- and middle-income taxpayers shoulder a relatively small tax burden.

What is the primary purpose of taxation?

The main purpose of taxation is to raise revenue for the services and income supports the community needs. Public revenues should be adequate for that purpose. 2.