The two basic kinds of taxes are excise taxes and property taxes.

Tax neutrality can be separated into domestic and foreign neutrality. Short-range and long-range Tax Planning: The tax planning which is made every year to arrive at specific or limited objectives, is called short-range tax planning. This site uses Akismet to reduce spam. The basic consideration here is that all  similarity situated taxpayers should help pay the cost of operating a government. It is through fiscality that taxes play their role in the formation of the state budget necessary for the realization of national and holistic state programmes. World welfare will be increase if capital is free to  move from countries were the rate of return is low to those where it is high.

The government requires carrying out various development and welfare activities in the country. Read it with the goal of gaining a broad understanding of tax purposes and principles. All other objec­tives are supplementary to these basic objectives. Prior discussions in Tax accounting is the subsector of accounting that deals with the preparations of tax returns and tax payments. Non-Revenue Objective: Finally, another extra-revenue or non-revenue objective of taxation is the reduction of inequalities in income and wealth. There are five main functions of taxation: fiscal, redistributory, regulating, controlling, and promoting.. 1) The main function of taxation is the fiscal one. Domestic neutrality is an compasses the equal treatment of any citizen investing at home and citizen investing abroad. Tax accounting is used by individuals, businesses, corporations and … Many direct and indirect taxes exist.
The basis of tax equity is the criterion that all tax payers in a similar situation be subject to the  same rules. Required fields are marked *. According to Dalton, that system of taxation is the best which is based on the principle of maximum social advantage i.e.

Introduction to Taxation our purposes, the sections on tax structure, types of tax, tax

The fundamental objective of taxation is to finance government expenditure. Taxation is very important in every nation as it is used to achieve a variety of important things. A neutral tax is one that would not influence any aspect of the investment decision such as the location of the investment or the nationality or the investor. Your email address will not be published. Earnings Management Practices and Techniques, Case Study: Causes of the Recent Decline of Tesla, Design for Manufacture and Assembly (DFMA), Psychological Contract - Meaning and Importance, Customer Confidence Winning Strategies Adopted by Organizations, Case Study of McDonalds: Strategy Formulation in a Declining Business, Roles and Responsibilities of Human Resource Management, Interview Method of Data Collection in Research, Nature and Importance of Managerial Principles by Henri Fayol, Different Products and Services Offered by Banks. This can be done by taxing the rich at higher rate than the poor or by introducing a system of progressive taxation. Ascertainment of financial affairs. ... taxes should be coordinated to ensure tax neutrality and overall objectives of good governance.

All Companies should be taxed on income, regardless of where it is earned. The government collects funds by imposing taxes. A neutral tax is one that would not influence any aspect of the investment decision  such as the location of the investment or the nationality or the investor.

Principles or Canons of Taxation: In a sense socio­economic objectives cling around the revenue objective of tax policy. The key issues to consider here are whether the marginal tax  burden is equalized between home and host countries and whether such equalization is  desirable.
Your email address will not be published. Therefore the objectives do not in any way contradict the concept of tax laws. The main objective of a good taxation system should be to attain certain social objectives such as redistribution of wealth and income, to reduce inequalities, etc. The main objectives of International Taxation are the Neutrality and Equity. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well.


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