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    Summary of Report (MacroEcon)

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    Mark Joseph Olino
    Tax is a mandatory fee paid to the government that is usually a percentage of income, property value, or financial transactions. It is collected through taxation to fund government expenses and services. Taxes have essential characteristics like being obligatory contributions imposed on people and property within the jurisdiction of the levying government body. Taxes are classified in different ways, such as by subject (personal, property, consumption), who bears the burden (direct or indirect), how the amount is determined (specific or ad valorem), purpose (general or specific), scope or authority imposing it (national or local), and the tax system (proportional, progressive, or regressive). Related terms include revenue, customs duties, internal revenue, tolls, debt,

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    Summary of Report (MacroEcon)

    Uploaded by

    Mark Joseph Olino
    14 views2 pages
    Tax is a mandatory fee paid to the government that is usually a percentage of income, property value, or financial transactions. It is collected through taxation to fund government expenses and services. Taxes have essential characteristics like being obligatory contributions imposed on people and property within the jurisdiction of the levying government body. Taxes are classified in different ways, such as by subject (personal, property, consumption), who bears the burden (direct or indirect), how the amount is determined (specific or ad valorem), purpose (general or specific), scope or authority imposing it (national or local), and the tax system (proportional, progressive, or regressive). Related terms include revenue, customs duties, internal revenue, tolls, debt,

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    Tax is a mandatory fee paid to the government that is usually a percentage of income, property value, or financial transactions. It is collected through taxation to fund government expenses and services. Taxes have essential characteristics like being obligatory contributions imposed on people and property within the jurisdiction of the levying government body. Taxes are classified in different ways, such as by subject (personal, property, consumption), who bears the burden (direct or indirect), how the amount is determined (specific or ad valorem), purpose (general or specific), scope or authority imposing it (national or local), and the tax system (proportional, progressive, or regressive). Related terms include revenue, customs duties, internal revenue, tolls, debt,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    14 views2 pages

    Summary of Report (MacroEcon)

    Uploaded by

    Mark Joseph Olino
    Tax is a mandatory fee paid to the government that is usually a percentage of income, property value, or financial transactions. It is collected through taxation to fund government expenses and services. Taxes have essential characteristics like being obligatory contributions imposed on people and property within the jurisdiction of the levying government body. Taxes are classified in different ways, such as by subject (personal, property, consumption), who bears the burden (direct or indirect), how the amount is determined (specific or ad valorem), purpose (general or specific), scope or authority imposing it (national or local), and the tax system (proportional, progressive, or regressive). Related terms include revenue, customs duties, internal revenue, tolls, debt,

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    of 2

    Topic: Nature of Tax

    Discussant: Mark Joseph C. Olino


    Course & Year: BSA-4
    Instructor: Mrs. Estela D. Cornejo

    Tax is a fee which is a percentage of income, property value, or transactions to support the
    government in its expenses and services. On the other hand, taxation is the process by which the
    government collects tax and generates revenues that are necessary for its expenses and social
    services.

    Essential Characteristics of Tax


    1. It is an obligatory or a forced contribution to the government.
    2. It is usually monetary in form.
    3. It is proportionate in character.
    4. It is imposed on persons and properties.
    5. It is levied by the state that has jurisdiction over the person or property,
    6. It is levied by the legislative body of the State.
    7. It is levied for public purposes.

    Classification of Taxes
    According to subject
    1. Personal Tax
    2. Property Tax
    3. Consumption Tax
    According to who bears the burden
    1. Direct Tax
    2. Indirect Tax
    According to the determination of the amount of tax to be paid
    1. Specific Tax
    2. Ad Valorem (According to the Value)
    According to purpose
    1. General Tax
    2. Specific Tax
    According to scope or authority imposing the tax
    1. National Tax
    2. Local Tax
    According to the tax system
    1. Proportional Tax
    2. Progressive Tax
    3. Regressive Tax

    Other Terms Related to Tax


    a. Revenue
    b. Customs Duty
    c. Internal Revenue
    d. Toll
    e. Debt
    f. Penalty

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