Form Four Commerce Notes All Topics
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TOPIC 4 – MANAGEMENT AND ORGANIZATIONS
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Taxation
Meaning of Taxation
Taxation refers to the practice of government collecting money from its citizens to pay for public services. or A means by which governments finance their expenditure by imposing charges on citizens and entities. Without taxation, there would be no public Expenditures. One of the most frequently debated political topics is taxation. Taxation is the practice of collecting taxes (money) from citizens based on their earnings and property. The money raised from taxation supports the government and allows it to fund police and courts, have a military, build and maintain roads, along with many other services. Taxation is the price of being a citizen, though politicians and citizens often argue about how much taxation is too little or too much.
The Purpose of Taxation
What are the objectives of Tax?
The concept of tax was initiated with a view to generate government revenue in its very beginning stage. In course of time it has been utilized for various purposes.
To raise government revenue for development and welfare programmes in the country.
To maintain economic equalities by imposing tax to the income earners and improving the economic condition of the general people.
To encourage the production and distribution of the products of basic needs and discourage the production and harmful ones.
To discourage import trade and protect the national industries
The Principle of Taxation
If the major objectives of taxation are to be achieved, taxes should conform to certain criteria. These are summarized in the following principles:
The principle of simplicity; This is Ability of the taxpayer to understand. The principle of simplicity is one of principles of taxation and it advocates that Tax system should be plain, simple to understand by the common taxpayers. It should not be complicated to understand how to calculate and ultimately ascertain how much to be paid. This principle of taxation is so important in that it helps in avoiding corruption as well as exploitation by the taxing Authority
The principle of convenience; This principle emphasizes that both time and manner in which payments are executed should be convenient to the taxpayer. An Economist by Names of Adam Smith said that `Every Tax ought to be levied at the time or in the manner in which it is most likely to be convenient for the contributor to pay’. For instance the payment of Value Added Tax and Excise duty by the consumer is very convenient because the consumer pays the Tax when he buys the commodities at the time when he has the means to buy the product. Furthermore, the manner of payment is also convenient because these Taxes are inclusive in the prices of the commodities
The principle of certainty; According to Adam Smith, there should be certainty in taxation because uncertainty creates favorable climate for tax evasion hence compromising with the Taxation objectives. By this principle, it means that, the tax which each individual taxpayer is bound to pay should be certain. The time, the manner of payment and the amount to be paid must be clear to the taxpayer. Thus, this requires that there should be no element of arbitrariness in a tax. It should be in relation to ascertaining as to when, what and where the tax is to be paid.
The principle of Equality; Taxes should be allocated among individuals fairly and reasonably. In taxation systems, the principle of equality is considered as the most important. As Adam smith put it forward `The subjects of every state ought to contribute towards the support of the government as nearly as possible in proportion to their respective abilities’. This implies that every person should pay the tax according to his ability and not the same amount. It further means that every taxpayer should not pay at the same rate; rather every taxpayer should pay the tax proportion to his income of the taxpayer.