11. Corporate Duty to Pay Taxes Flashcards
is an organized mandatory system of raising money or revenue to finance government, support its existence, and carry out its legitimate objectives.
taxation
Every sovereign state has _______ to impose a charge of burden upon persons, property or rights for the use of government.
inherent power
Without _____ to fund itself and its activities, government could never exist.
taxes
Government justify taxation by imposing a ______ determining its distributive impact.
tax burden
_______ work in Taxation, concerns the fair distribution of the benefits and burdens of social cooperation
distributive justice
The distribution of ________ in taxation requires proportionate equality and proportionate equality is not necessarily an equal share but a fair share of carrying of burden of taxes.
burdens
_______ work in Taxation involves the ability-to-pay principle that determines whether the burden of a tax is distributed fairly.
fairness
Type of tax when you begin to earn money.
income taxes
Type of tax when you spend it
consumption taxes
Type of tax when you own home or land, transfer of ownership inter vivos or mortis causa.
property taxes
Type of tax when you die.
estate taxes
Is the most important source of revenues for modern governments, typically accounting for 90 percent or more of their income.
taxation
Is a tax on the profits of a corporation. The taxes are paid on a company’s _______, which includes revenue minus costs of goods sold (COGS), general and administrative expenses, selling and marketing, research and development, depreciation and other operating costs.
corporate tax
Is failure to pay legally due taxes. It is intentional because it is a form of economic abandonment of duties mandated of a corporation citizen
tax evasion
Happen when taxpayers exploit some legally permissible alternative methods of assessing taxable property or income to avoid or reduce tax liability.
tax avoidance
