Taxation Assignment Help- Introductory Paragraph
Talking of the dictionary or literal meaning of Taxation one can define it as levying of tax or the act of imposing tax where tax refers to the money paid to the government. It means imposing mandatory taxes on individuals or different entities by the Government. Taxes are collected from the citizens based on their earnings/income.
Major Purpose of Taxation
Highlighting one of the key purposes of levying taxes on different entities is to raise revenue for the different government expenditures such as education, health, defense. For instance, For generating more jobs, reduction in the taxable personal income with the amount being paid as interest on home mortgage loans would, in turn, result in increased construction activities.
Taxation Definition from different perspectives
Different economists such as Adams, Bastable, Seligman, Taussing, Dalton, etc, have defined tax holding a unanimous opinion that “the tax is a compulsory payment to the Government by the taxpayer without any expectation of some specified return.”
Listing a few definitions by experts to give our students a better view and understanding of how has the concept eventually evolved.
In the purview of the above statement, Adams states that “A tax is a contribution from citizens for the support of the state.”
P. E. Taylor defines tax as “A compulsory payment to Government without expectation of direct return in benefit to the taxpayer is known as tax.”
Students who opt for taxation as their core area of study often undergo a huge amount of pressure. We understand your concern and aim at helping you with your taxation assignments.
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Deducing key points from the given definitions
On reading the definitions one aspect that comes out clearly is that Tax is compulsory. This does not imply that the tax has to be paid unwillingly but the will of the payer plays no role or can be called immaterial.
Secondly, all taxation is imposed on people. This simply tells us that payment of taxation is a duty and persons are bound to complete those duties.
One noteworthy aspect of Taxation is for the Public Powers, which means that it is expected that taxation would help meet both local and central government wants.
Objectives of Tax Policy
Tax policies have four main objectives which are as follows:
Created on May 27th 2019 01:35. Viewed 562 times.