What is Tax

Question 1

The Power of Taxation

Answer 1

Comprehensive, Plenary, Unlimited and Supreme

Question 2

Theories of Taxation

Answer 2

Lifeblood, Necessity, and Benefits-Protection / Reciprocity Theory

Question 3

this refers to the process of

determining the persons or property to be taxed

Answer 3

Levying or imposition of the tax

Question 4

this refers to the manner of enforcing

the tax obligation on the part of those required to pay the tax

Answer 4

Collection of the tax

Question 5

sources of revenues should be
sufficient to meet expenditures of government
regardless of business conditions.

Answer 5

Fiscal Adequacy

Question 6

taxes must be
imposed with equity, certainty, convenience, and
consideration of the taxpayer’s ability to pay.

Answer 6

Equality or theoretical justice

Question 7

the law must reasonable, just and effective
administration. Moreover, taxpayers should
find it easy and convenient to comply

Answer 7

Administrative feasibility and compliance

Question 8

economic effects of
taxation extend far beyond the matter of
incidence, allocation of resources to the public
sector and re-distribution of income.

Answer 8

Consistency or compatibility with economic

objectives or goals