INCOME AND BUSINESS TAXATION

The stage of taxation wherein it involves the passage of tax laws or ordinances through the legislature.

• Assessment

• Payment

• Levy

• Taxation

 Is a principle of a sound tax system, wherein tax burden must be proportionate to the taxpayers ability to pay.

• Theoretical Justice

• 1. Fiscal Adequacy

• 1. Administrative Feasibility

• 1. Tax Evasion

1.  It means grows income specified in the tax code less statutory deductions

• 1. Revenue

• 1. Non-Taxable Income

• 1. Profit

• 1. Taxable Income

It refers to the rate fixed by the Regional Tripartite Wage and Productivity of the Department of Labor and Employment.

• 1. Minimum Wage Earner

• 1. 13th Month Pay

• 1. Exempt from Income Tax

• 1. Statutory Minimum Wage

It refers to tax on earnings that have been subjected to complete withholding tax payment at source and represents full and final payment of tax due.

• 1. Final Tax

• 1. Normal Tax

• 1. Taxable Income

• 1. Tax Rate

is a process or act of imposing a charge by the governmental authority on property, individuals, or transactions to raise money for public purposes.

The taxpayer reduces or totally escapes payment of taxes through legally permissible means.

Give one Object of Taxation

is ascribed to the place wherein the income is earned.

A Filipino citizen who stayed permanently in the Philippines or stayed outside the Philippines for less than 183 days during the taxable year.