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Concept, Nature and Characteristics of Taxation and Taxes.
Meaning of Taxation
Taxation is the inherent power of the state, acting through the legislature, to impose and collect revenues to support the government and its recognized objects. Simply stated, taxation is the power of the State to collect revenues for public purpose.
Purpose of Taxation
Primary Purpose - is to provide funds or property with which the government discharges its appropriate functions for the protection and general welfare of the its citizens.
Non Revenue Objectives
Aside from purely financing government operational expenditures, taxation is also utilized as a tool to carry out the national objective of social and economic development.
- to strengthen anemic enterprises by granting them tax exemptions or other conditions or incentives for growth;
- to protect local industries against foreign competition by increasing local import taxes;
- as a bargaining tool in trade negotiations with other countries;
- to counter the effects of inflation or depression;
- to reduce inequalities in the distribution of wealth;
- to promote science and invention, finance educational activities or maintain and improve the efficiency of local police forces;
- to implement police power and promote general welfare.
Question for Concept, Nature and Characteristics of Taxation and Taxes - Public FinanceTry yourself: What is the primary purpose of taxation?View Solution
Meaning of Taxes
Taxes are enforced proportional contributions from persons and property levied by the lawmaking body of the state by virtue of its sovereignty for the support of the government and all public needs.
Tax in a general sense, is any contribution imposed by the government upon individuals for the use and service of the state, whether under the name of toll, tribute, impost, duty, custom, excise, subsidy, aid, supply or other name. Tax, in its essential characteristics , is not a debt.
Essential characteristics of tax.
- it is an enforced contribution
- it is generally payable in money.
- It is proportionate in character, usually based on the ability to pay
- it is levied on persons and property within the jurisdiction of the state
- it is levied pursuant to legislative authority, the power to tax can only be exercised by the law making body or congress
- it is levied for public purpose
- it is commonly required to be paid a regular intervals.
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FAQs on Concept, Nature and Characteristics of Taxation and Taxes - Public Finance - Public Finance - B Com
| 1. What is taxation? |  |
Ans. Taxation refers to the process of collecting a mandatory fee or a charge from individuals, organizations, or businesses by the government to fund public goods and services. Governments use taxation to finance public services such as education, healthcare, infrastructure, defense, and other social welfare programs.
| 2. What are the different types of taxes? | |
Ans. There are various types of taxes levied by the government, which include income tax, corporate tax, sales tax, property tax, excise tax, customs duty, and value-added tax (VAT). These taxes are collected by the government to fund public services and to regulate the economy.
| 3. What are the characteristics of taxation? | |
Ans. The characteristics of taxation are as follows: (i) It is an obligatory payment imposed by the government on individuals, businesses, and organizations; (ii) It is a non-voluntary payment, i.e., people have to pay it whether they like it or not; (iii) It is a proportional payment, i.e., people have to pay taxes based on their income or property; (iv) It is a continuous payment, i.e., people have to pay taxes regularly; (v) It is a universal payment, i.e., everyone who meets the criteria has to pay taxes.
| 4. What is the purpose of taxation? | |
Ans. The main purpose of taxation is to raise revenue for the government to fund public goods and services. It is an effective way for the government to redistribute wealth and reduce income inequality. Taxation also helps the government to regulate the economy by encouraging or discouraging certain activities and behaviors.
| 5. How does taxation affect the economy? | |
Ans. Taxation has a significant impact on the economy. High tax rates can discourage investment, saving, and consumption, while low tax rates can encourage economic growth and development. Taxation can also affect income distribution, as it can be used to redistribute income from the rich to the poor. Additionally, taxation can be used to regulate certain industries and to address externalities such as pollution.
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