The following are the basic principles of a sound tax system: • Fiscal adequacy means that government revenues from taxation must suffice to meet fiscal requirements. This implies that a good tax system of a State may not budget deficit. • Administrative feasibility means that tax laws, rules and regulations must be capable of being [...]
To further understand the concept of taxes, the following classifications are commonly provided: According to subject matter (What is being taxed?): a. Property tax – imposed upon the property located in a particular community. Example is real property tax under the Local Government Code of the Philippines. b. Personal tax – imposed upon a person [...]
As commonly defined, taxes refers to the enforced proportional contribution levied by the law-making body of the State for raise revenue to finance the various government expenditures. For easy understanding of its concept, the saying I first heard from my grandfather in my elementary days may be considered: “Government is the people, for (not poor) [...]
