FT: Taxation Flashcards
“is a people organized for law within a definite territory”
Woodrow Wilson
State is a combination or association of persons in the form of government and governed and united together into a politically organized people in a definite territory
Sidgwick
State is a community of people live in a definite form of territory free of external control and possessing an organized government which people show habitual agreement
Gardner
the whole number of people or inhabitants in a country or region
POPULATION
is the system to govern a state or community
GOVERNMENT
a geographic area belonging to or under the jurisdiction of a governmental authority
TERRITORY
authority, in the decision-making process of the state
SOVEREIGNTY
EEZ
Exclusive Economic Zone
POWERS OF THE GOVERNMENT
- Police Power
- Power of Eminent Domain
- Power of Taxation
The power of the State to regulate Liberty, and property for the promotion of the general welfare
POLICE POWER
salus populi est suprema lex
The welfare of the people is the supreme law
to forcibly acquire private property, upon payment of just compensation, for some intended public use
POWER OF EMINENT DOMAIN
to demand from the members of the society their proportionate share or contribution in the maintenance of the government. It is a mode of raising revenue for public purposes
POWER OF TAXATION
lifeblood of the government
TAX
mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities
TAX
practice of collecting taxes (money) from citizens based on their earnings and property
TAXATION
percentage of generated income that is relinquished to the state or federal government
Income Tax
person legally authorized to practice his profession shall pay the professional tax to the province where he practices his/her profession
Professional Tax
tax paid on property owned by an individual or other legal entity, such as a corporation
Property Tax
Taxes on imported goods; imposed with the aim of strengthening domestic businesses
Tariff or Import Duty
paid in place of residence of the individual or in the place where the principal office of the juridical entity is located
Community Tax
a percentage of the total cost of a good or service
Value Added Tax
a tax on the production, sale or consumption of a commodity in a country
Excise Tax
the pricier the product, the higher the tax
Ad valorem Tax
