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Accountancy > set 4: Income and business taxation > Flashcards

set 4: Income and business taxation Flashcards

1
Q

the process by which a government impose charges on its inhabitants to raise money for public use

A

Taxation

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2
Q

primary purpose of taxation

A

raise revenue that will be used in defraying government expenses

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3
Q

secondary purpose of taxation

A

achieved certain social and economic objectives

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4
Q

may be adjusted in order to prevent economic depression

A

Regulate Inflation

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5
Q

tobacco is taxed to discourage smoking; imported goods are taxed to protect local producers, and the like

A

Minimize the Adverse Effects of Certain activities

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6
Q

higher taxes are imposed on those who earn more

A

Equitable Distribution of Wealth

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7
Q

social science (nature of taxation)

A

Inherent Power

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8
Q

appropriate private property for particular uses to promote public welfare (under of inherent power)

A

Eminent Domain

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9
Q

enact laws to promote peace and order, public welfare, security, health and safety, (under of inherent power)

A

Police Power

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10
Q

“lifeblood” or “bread and butter” (under of inherent power)

A

Tax

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11
Q

tax laws must first be enacted before taxes can be imposed (nature of taxation)

A

Legislative

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12
Q

taxation is considered plenary (absolute or supreme), (nature of taxation)

A

Subject to constitutional and inherent limitations

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13
Q

can be levied for public purposes (Inherent limitations)

A

Purpose

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14
Q

may levy only on persons and properties within its jurisdiction (inherent limitations)

A

Territorial Jurisdiction

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15
Q

power to create tax laws with the Congress (inherent limitations)

A

Non-delegation of legislative power to tax

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16
Q

inherent limitation

A

Tax exemption of government entities

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17
Q

may not tax the property belonging to a foreign government

A

International Comity

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18
Q

protect the taxpayer from the promulgation 1 (constitutional limitations)

A

a. Due of process and equal protection of the laws

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19
Q

protect the taxpayer from the promulgation 2 (constitutional limitations)

A

b. Rule of uniformity and equity in taxation

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20
Q

protect the taxpayer from potential abuse 1 (constitutional limitations)

A

c. Presidents power to veto tax bills

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21
Q

protect the taxpayer from potential abuse 2 (constitutional limitations)

A

d. A law granting any tax exemption needs the concurrence of the majority of the members of the congress

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22
Q

protect the taxpayer from potential abuse 3 (constitutional limitations)

A

e. Supreme Court’s power to make a final judgement on tax cases

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23
Q

non-imprisonment for non-payment of poll tax

A

Constitutional limitations

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24
Q

exemption of religious, charitable, or educational institutions

A

Constitutional limitations

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25
Q

exemption of revenues and assets of non-stock, non-profit educational institutions from taxation

A

Constitutional limitations

26
Q

government protects the welfare of its people, in return, the people support the government (theory and basis of taxation)

A

Reciprocal duties of protection and support

27
Q

taxes are used for the benefit of the public (theory and basis of taxation)

A

Benefits received principle

28
Q

specifying the object and amount of taxation are enacted (aspects of taxation)

A

Levy

29
Q

tax laws are implemented and administered (aspects of taxation)

A

Collection

30
Q

revenues should be sufficient to defray expenditures (principles of sound tax system)

A

Fiscal Adequacyt

31
Q

taxes are proportionate to the taxpayer’s ability to pay (principles of sound tax system)

A

Theoretical Justice

32
Q

tax laws can be implemented efficiently and effectively (principles of sound tax system)

A

Administrative Feasibility

33
Q

mandatory contributions

A

Taxes

34
Q

Characteristics of tax 1

A

mandatory

34
Q

Characteristics of tax 2

A

Levied by the lawmaking body

35
Q

Characteristics of tax 3

A

imposed primarily to raise revenues for the government

36
Q

Characteristics of tax 4

A

generally payable in money

37
Q

Characteristics of tax 5

A

proportionate in character

38
Q

Characteristics of tax 6

A

levied on persons and property

39
Q

Characteristics of tax 7

A

levied for public purposes

40
Q

Classification of taxes
1. as subject matter
> fixed amount charged to all persons residing within specified territory

A

Personal, capitation or poll tax

41
Q

Classification of taxes
1. as subject matter
> imposed on properties based on their value

A

Property Tax

42
Q

Classification of taxes
1. as subject matter
> imposed upon the performance of an act, the enjoyment of privilege

A

Excise Tax

43
Q

Classification of taxes
2. as to who bears the burden
> taxpayer must pay and cannot shift to another

A

Direct Tax

44
Q

Classification of taxes
2. as to who bears the burden
> taxpayer can shift to another

A

Indirect Tax

45
Q

Classification of taxes
3. as the determination of the amount
> based on the value of the property

A

Ad Valorem

46
Q

Classification of taxes
3. as the determination of the amount
> based on weight, volume or other physical unit of measurement

A

Specific

47
Q

Classification of taxes
4. as to scope
> tax levied by the national government

A

National Tax

48
Q

Classification of taxes
4. as to scope
> tax levied by the local government

A

Local Tax

49
Q

Classification of taxes
5. as to rate or graduation
> based on a fixed rate

A

Proportional (han sooyoung)

50
Q

Classification of taxes
5. as to rate or graduation
> based on an increasing rate as the taxable amount increases

A

Progressive (Kim Dokja)

51
Q

Classification of taxes
5. as to rate or graduation
> based on decreasing rate as the taxable amount increases

A

Regressive (Yoon Joonghyuk)

52
Q

tax on persons income derived from employment, business, trade, practice of profession, or from property

A

Income Tax

53
Q

tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities

A

Business Tax

54
Q

Classification of Individual Income Taxpayers
> Filipino residing permanently

A

Resident Citizen

55
Q

Classification of Individual Income Taxpayers
> Filipino citizen residing permanently abroad (183 days)

A

Non-resident citizena

56
Q

Classification of Individual Income Taxpayers
> foreigner residing in the Philippines

A

Resident Alien

57
Q

Classification of Individual Income Taxpayers
> foreigner not residing in the Philippines

A

Non-resident Alien

58
Q

all inflows of wealth to the taxpayers

A

Income

59
Q

taxpayers income for taxation purposes

A

Gross Income

60
Q
A

Accountancy (6 decks)

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