Philippine Transfer And Business Taxes Virgilio Reyes Pdf
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Philippine transfer and business taxes
Some types of firms such as insurance, mining, and petroleum extraction companies pay additional taxes peculiar to their industries. While firms too pay income, property, and sales taxes, such taxes are not specific to businesses. In terms of economic impact, however, all taxes are 'people taxes' because they affect human beings and not some abstraction labeled 'business.
That revenue goes into a vast number of items, from paying debt, deafening the potential for implementing certain policies to paying for public services and welfare benefits and the military, etc. There are many methods by which tax revenue can be gained, and different definitions and structures to taxation which are outlined below.
Also, conflicts in choosing methods and forms of taxation occur, pitting priorities such as reducing iniquity of income against maximizing incentive for economic growth. Taxes can also help to structure all sort of economic transactions, in a way that the state can exert influence in all participants even over the currency used.
Principles of a Good Tax System1. Efficient -A tax system should raise enough revenue such that government projects can be adequately sponsored, without burdening the economy too much not particularly the tax payer , as not to become a disincentive for performance internal and external investment, work returns and savings. Understandable -The system should not be incomprehensible to the layperson, nor should it appear unjust or unnecessary complex.
This is to minimize discontent and costs. Equitable -Taxation should be governed by people's ability to pay, that is, wealthier individuals or firms with greater incomes should pay more in tax while those with lower incomes should pay comparatively less.
Benefit Principle -Those that use a publicly provided service which is funding primarily through taxation should pay for it! However, conflicts in principle may and often do arise between this and principle 2. This is tax, but not all people have to pay it, and can choose not to.
The benefits and costs of both forms of taxation are many. Direct taxation reduces the incentive to work, as 'take home' pay is reduced as a result of an increase in income tax compared to unemployment benefits.
On the other hand, indirect taxation may result in people with similar incomes and wealth paying different amounts, simply as a result of slightly different circumstance.
For example, someone who has to travel 50km to work every day will pay more tax over the year than another who can walk, even though they may earn the same amount and use the same public services, etc By: Edwin G. Valencia and Gregorio F. Roxas E. Reyes F. Transfer and business taxation. Cir Transfer and business taxation : principles and laws with accounting applications.
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Embed Size px x x x x Downloadable Instructor s Solution Manual for -Solution manual offers the complete detailed answers to every question intextbook at the end of chapter. Gross Income. Reyes, Virgilio D. Cpa income taxation philippines reviewer - free -Cpa income taxation philippines reviewer download on Pdfscatalogmanual. Pathfinder : Taxation - De La Salle University - and for the student in an advanced subject in taxation. Virgilio D.
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Philippine Business and Transfer Taxes
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Philippine transfer and business taxes
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Embed Size px x x x x Downloadable Instructor s Solution Manual for -Solution manual offers the complete detailed answers to every question intextbook at the end of chapter. Gross Income.