Fundamentals of Taxation: Isitpain? Is It Mandatory? Is It Obligatory ?
Fundamentals of Taxation: Isitpain? Is It Mandatory? Is It Obligatory ?
Fundamentals of Taxation: Isitpain? Is It Mandatory? Is It Obligatory ?
Definition Taxation
Is it pain ?
Is it mandatory?
Is it obligatory ?
Fundamentals of Taxation
Definition Taxation
Derived from the Latin word taxo (the rate), a tax may be defined as a financial
charge upon an individuals or on body corporate imposed by the state by introducing
/proclaiming act/ordinance making the failure to Pay such charges punishable under
the relevant act/ordinance.
Black’s Law Dictionary described tax as a financial burden laid upon the individuals or
property owners to support the government expenditures exacted by legislative
authority.
Macmillan Dictionary described tax as an amount that an individual or corporation
have to pay to the government that it uses to provide public services and pay for
government institutions.
On the other hand Justice Holmes tried to make taxes less odious by means of
felicitous definition “Taxes’ are what we pay for civilised society”. He further remarked
“I like to pay taxes. With them I buy civilisation”
Even considering the comments of Justice Holmes, it may be concluded that tax is not
a voluntary payment, or donation rather a non penal forced payment exacted by
legislative authority for rendering social services to the recipients of such services.
Fundamentals of Taxation
Definition Income