Chapter 2 Flashcards
A SYSTEM INVOLVING ENFORCEMENT OF THROUGH ASSESSMENT AND COLLECTION
TAX ADMINISTRATION
INVOLVES THE PASSAGE OF TAX LAWS OR ORDINANCES THROUGH THE LEGISLATURE.
INVOLVES THE GRANTING OF TAX EXEMPTIONS, TAX AMNESTIES, AND TAX REMEDIES
LEVY OR IMPOSITION OF TAXES
ACT OF ADMINISTRATION AND IMPLEMENTATION OF THE TAX LAWS BY THE EXECUTIVE THROUGH ITS ADMINISTRATIVE AGENCIES SUCH AS THE BIR OR BOC
ASSESSMENT
A PROCESS INVOLVING THE ACT OF COMPLIANCE BY THE TAXPAYER IN CONTRBUTING HIS SHARE TO DEFRAY THE EXOENSES OF THE GOV’T
PAYMENT OF TAX
SOURCES OF REVENUE SHOULD BE SUFFICIENT TO MEET THE DEMANDS OF PUBLIC EXPENDITURES.
FISCAL ADEQUACY
TAX IMPOSED SHOULD BE PROPORTIONATE TO THE TAXPAYER’S ABILITY TO PAY.
EQUALITY OR THEORETICAL JUSTICE
TAX LAWS SHOULD BE CAPABLE OF CONVENIENT, JUST AND EFFECTIVE ADMINISTRATION.
ADMINISTRATIVE FEASIBILITY
THE PRINCIPAL ADMINISTRATIVE AGENCY OF THE GOV’T FOR TAX ADMINISTRATION
DEPARTMENT OF FINANCE (DOF)
THE ADMINISTRATIVE AGENCY OF THE GOV’T IN CHARGE OF THE PRIMARY FUNCTION REGARDING THE EXECUTION OF THE NIRC AND OTHER TAX LAWS AND REGULATIONS
BUREAU OF INTERNAL REVENUE (BIR)
TERMINATION OF THE TAX PERIOD
JEOPARDY ASSESSMENT
DOCUMENT ISSUED BY THE SELLER OF GOODS TO THE BUYER
SALES OR COMMERCIAL INVOICE
DOCUMENT ISSUED FOR SALES OF SERVICES
RECEIPT
PROCESS OF DETERMINING THE CORRECT AMOUNT OF TAX DUE IN ACCORDANCE WITH THE PREVAILING TAX LAWS
TAX ASSESSMENT
FORMAL REPORT PREPARED BY THE TAXPAYER OR HIS AGENT IN A PRESCRIBED FORM SHOWING AN ENUMERATION OF TAXABLE AMOINTS AND DESCRIPTION OF TAXABLE TRANSACTIONS, ALLOWABLE DEUDCTIONS, AMOUNT OF TAX, AND TAX PAYABLE TO THE GOV’T
TAX RETURN
THE PERIOD IN PROCESSING, APPRAISING, DETERMINING THE VALUE OF THE SUBJECT OF TAXATION, INCLUDING THE COMPUTATION OF TAX PRESCRIPTION, SURCHARGES AND INTERESTS TO ARRIVE AT THE SPECIFIC SUM OF TAX CHARGED TO A PERSON OR PROPERTY
ASSESSMENT PERIOD
A RESTRAINING ORDER ISSUED BY THE COURT HAVING JURISDICTION OVER THE FILED SUIT INTENDED TO FORBID THE CONTINUANCE OF THE ACTION OF LAW
INJUNCTION
SEIZURE BY THE GOV’T OF PERSONAL PROPERTY-TANGIBLE OR INTANGIBLE-TO ENFORCE THE PAYMENT OF TAXES, TO BE FOLLOWED BY ITS PUBLIC SALE IF TAXES ACCRUING THERETO ARE NOT VOLIUNTARILY PAID
DISTRAINT OF PERSONAL PROPERTY
SEIZURE BY THE GOV’T OF REAL PROPERTY TO ENFORCE THE PAYMENT OF TAXES, TO BE FOLLOWED BY ITS PUBLIC SALE IF TAXES ACCRUING THERETO ARE NOT VOLIUNTARILY PAID
LEVY OF REAL PROPERTY
A LEGAL CLAIM GRANTED TO THE GOV’T TO SECURE THE PROPER PAYMENT OF THE TAX, SURCHARGES, INTERESTS, AND COSTS ON ALL PROPERTY SUBJECT TO LEVY OR DISTRAINT
TAX LIEN
SEIZED PROPERTY IS SOLD AND PROCEEDS OF SALE ARE APPLIED TO SATISFY TAX LIABILITY AND THE EXCESS THEREOF SHALL BE RETURNED TO THE TAXPAYER
SEIZURE
FORFEITED (TAKING OF PROPERTY W/O COMPENSATION AS A RESULT OF AN OFFENSE COMMITTED) PROPERTY IS SOLD AND NO PART OR PROCEEDS GOES TO THE TAXPAYER BECAUSE THE PROPERTY IS CONFISCATED IFO THE GOV’T
FORFEITURE
A CONTRACT WHEREBY THE PARTIES, BY RECIPROCAL CONCESSIONS, AVOID LITIGATION OR PUT AN END TO ONE ALREADY COMMENCED
COMPROMISE
A REQUEST TO THE TAXPAYER TO PERMIT THE BEARER THEREOF TO CONDUCT THE NECESSARY EXAMINATION OF SAID BOOKS AND RECORDS, AND SIGNED BY THE THE BIR COMMISSIONER, HIS DEPUTY, OFFICIALS OF THE INVESTIGATING DIVISION, REGIONAL DIRECTOR, ASSISTANT DIRECTOR, OR THE RDO
LETTER OF AUTHORITY
A RECORD OF THE NAMES OF PERSONS RESIDING IN EACH CITY OR MUNICIPALITY KEPT AND MAINTAINED BY EVERY REVENUE REGIONAL DIRECTOR OF EVERY REGIONAL DISTRICT
NATIONAL TAX REGISTER
