Philippine Tax Remedies Quiz

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.