Taxation Definitions

CERTAINTITY- not be arbitrary
EQUITY- fair to individual and reflect a persons ability to pay.
CONVENIENT- in terms of timing and pymt
EFFICIENCY- wrt admin. Small collection costs as a proportion of revenue raised
COMPETENT JURISDICTION - area in which a particular set of tax law applies
TAX SOURCES: Domestic Legislation, Court cases, International Treaties
TAX BASES- something liable to tax
Income
Capital
Consumption
HYPOTHECATION- certain taxes devotes to specific expenditure e.g. road tax for road upkeep
TAX BASE: difference btwn tax revenue received and amount that should have been received
BILATERAL AGREEMENT- enable tax authorities in country A to check on tax position and foreign tax affairs on any of their tax subjects
PROGRESSIVE TAX - tax rate increases in proportion to taxable base e.g income tax
DEADLINES???
1. need to know when to pay
2. tax authority cash forecast
3. reference point for late pymt

Resource summary

	Created by heather.mccrory over 10 years ago