Podcast
Questions and Answers
What are the primary remedies of the government in tax matters?
What are the primary remedies of the government in tax matters?
What does the term 'assessment' refer to in the context of tax remedies?
What does the term 'assessment' refer to in the context of tax remedies?
What is the inherent risk associated with the self-assessment method of taxation?
What is the inherent risk associated with the self-assessment method of taxation?
What are taxpayers provided procedures for in disputing assessments and recovering erroneously paid taxes?
What are taxpayers provided procedures for in disputing assessments and recovering erroneously paid taxes?
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In the context of Philippine taxes, what method do taxpayers use to compute their taxes?
In the context of Philippine taxes, what method do taxpayers use to compute their taxes?
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Study Notes
Tax Remedies
- The primary remedies of the government in tax matters include assessment, collection, and refund.
Assessment
- In the context of tax remedies, assessment refers to the process of determining the amount of taxes owed by a taxpayer.
- It involves the calculation of taxes based on the taxpayer's declaration of income, deductions, and credits.
Self-Assessment Method
- The self-assessment method of taxation allows taxpayers to compute their own taxes based on their income and expenses.
- The inherent risk associated with this method is the possibility of inaccurate or incomplete reporting, which can lead to underpayment or overpayment of taxes.
Disputing Assessments and Refund
- Taxpayers are provided procedures for disputing assessments and recovering erroneously paid taxes.
- These procedures ensure that taxpayers have a means to contest any discrepancies or errors in their tax assessments.
Tax Computation
- In the context of Philippine taxes, taxpayers use the self-assessment method to compute their taxes.
- This involves declaring their income, deductions, and credits on a tax return, and then calculating the amount of taxes owed based on the prevailing tax rates and laws.
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Description
Test your knowledge of tax remedies with this informative quiz. Explore the legal procedures available to the government for addressing under-compliance or non-compliance with tax laws in the Philippines. Prepared by John Glenn Reoja, CPA.
