Tax, Law and Administration PDF

Taxes, Laws and Administration Diether Jean L. Otacan Faculty 2 COLLEGE OF BUSINESS & ACCOUNTANCY Tax An enforced proportionate contribution imposed upon persons, properties, bu...

Taxes, Laws and Administration Diether Jean L. Otacan Faculty 2 COLLEGE OF BUSINESS & ACCOUNTANCY Tax An enforced proportionate contribution imposed upon persons, properties, businesses, rights, interests, privileges, transactions and acts within the territorial jurisdiction of the taxing authority exercise by the legislature for a public purpose and generally payable in money. 3 COLLEGE OF BUSINESS & ACCOUNTANCY Classification of Taxes 4 COLLEGE OF BUSINESS & ACCOUNTANCY 5 COLLEGE OF BUSINESS & ACCOUNTANCY 6 COLLEGE OF BUSINESS & ACCOUNTANCY 7 COLLEGE OF BUSINESS & ACCOUNTANCY 8 COLLEGE OF BUSINESS & ACCOUNTANCY Tax Law Any law that provides for the assessment and collection of taxes for the support of the government and other public purposes 9 COLLEGE OF BUSINESS & ACCOUNTANCY Sources of Tax Laws 10 COLLEGE OF BUSINESS & ACCOUNTANCY Tax Administration Any law that provides for the assessment and collection of taxes for the support of the government and other public purposes 11 COLLEGE OF BUSINESS & ACCOUNTANCY The Bureau of Internal Revenue The BIR is tasked with tax administration function of the government. Together with Bureau of Customs, they are under supervision and control of the Department of Finance. 12 COLLEGE OF BUSINESS & ACCOUNTANCY Powers of Bureau 1. Assessment and collection of taxes 2. Enforcement of all penalties, fines, and judgements 3. Assignments of internal revenue officers and other employees to other duties 4. Issuances of receipts and clearances 5. Submit annual report, pertinent information to Congress and reports to the Congressional Oversight Committee in matters of taxation