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BM TAX Lectures of JJ Zamora, CPA, CTT, MBA GENERAL PRINCIPLES OF TAXATION Definition of Taxation This is the ______ by which the sovereign raises revenue to defray the necessary expenses of government. The mode by which government make exactions for revenue in order to support their existence and carry out their legitimate objective. The ______ of the state to collect revenue for public purposes. TAXATION is the inherent ______ by which the sovereign, through its law-making body, raises revenue to defray the necessary expenses of the government. It is a manner of apportioning the costs of the government among those who, in some measure, are privileged to enjoy its benefits and must bear its burdens Taxes – the enforced proportional contributions levied by the law-making body of the state by virtue of its sovereignty upon the persons or property within its jurisdiction for the support of the government and all public needs. Lifeblood Theory a. Taxes are the lifeblood of the Government a.
power
TAXATION is the inherent ______ by which the sovereign, through its law-making body, raises revenue to defray the necessary expenses of the government. It is a manner of apportioning the costs of the government among those who, in some measure, are privileged to enjoy its benefits and must bear its burdens Taxes – the enforced proportional contributions levied by the law-making body of the state by virtue of its sovereignty upon the persons or property within its jurisdiction for the support of the government and all public needs. Lifeblood Theory a. Taxes are the lifeblood of the Government a.
power
The mode by which government make ______ for revenue in order to support their existence and carry out their legitimate objective. The power of the state to collect revenue for public purposes.
exactions
Taxes – the enforced proportional contributions levied by the law-making body of the state by virtue of its ______ upon the persons or property within its jurisdiction for the support of the government and all public needs.
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Taxes are the ______ of the Government
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Study Notes
Definition of Taxation
- Taxation is the process by which the sovereign raises revenue to defray the necessary expenses of government.
- It is the mode by which government makes exactions for revenue in order to support their existence and carry out their legitimate objectives.
Characteristics of Taxation
- Taxation is the inherent power of the sovereign to collect revenue for public purposes.
- It is a manner of apportioning the costs of the government among those who, in some measure, are privileged to enjoy its benefits and must bear its burdens.
Lifeblood Theory
- Taxes are the lifeblood of the Government.
- Taxes are the enforced proportional contributions levied by the law-making body of the state by virtue of its sovereignty upon the persons or property within its jurisdiction for the support of the government and all public needs.
Key Features of Taxation
- Taxation is a power exercised by the state by virtue of its sovereignty.
- Taxes are enforced proportional contributions levied for the support of the government and all public needs.
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Description
Test your knowledge on the general principles of taxation with this quiz based on the lectures of JJ Zamora, CPA, CTT, MBA. Explore the definitions and concepts related to taxation and gain a better understanding of how governments raise revenue for public purposes.
