Philippine Tax System Assessment

Business taxes can have a huge impact on the profitability of businesses and the amount of business investment. Taxation is a very important factor in the financial investment decision-making process because a lower tax burden allows the company to lower prices or generate higher revenue, which can then be paid out in wages, salaries and/or dividends. Business taxes include, Federal Income Tax; a tax levied by a national government on annual income, Payroll Tax; a tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee, Unemployment Tax; a federal tax that is allocated to unemployment agencies to fund unemployment assistance for laid-off workers, and Sales Tax; a tax imposed by the government at the point of sale on retail goods and services. Sales tax is based on a percentage of the selling prices of the goods and services. Consumers pay sales taxes, but effectively, business pay them since the tax increases consumer’s costs and causes them to buy less.

Please describe the concept of “double taxation” and discuss which entity(ies) are subject to this type of taxation. (5 pts)

The main topic of this research paper is taxation. Seeing that this topic is pretty open, I’ve chosen to write about the proposed idea of Fair Tax. Along with a little bit of insight on Fair Tax and a couple highlights of history, I’ll try and explain some pros and cons as well as give my opinion on the topic.

Taxation is an issue that has plagued the United States even prior to the founding of the

needs of the people and an important factor in this election process includes the proposed tax

Taxation surrounds us in the world. Individuals fear tax, and a majority of the items we use and need are taxed. Even on topics such as Celebrities and the Olympics, taxation manages to find its way to still come up.

Only those who bore arms got rich" (Millar and Sega, 109). At first, the tax system was only approved by the senate. The tax which was collected would flow directly into private and public landed property, rebuild structures, census and contribute five percent tax to manumission of slaves (Millar and Sega, 110). These tax are only applied to citizens which the fiscal system had benefits for them, by the guarantee of the security of property.

As the years passed, the government increased the number of things that were taxed for

On “January 1994, the United States”, Canada and Mexico went into the “North American Free Trade Agreement (NAFTA)”, making the biggest facilitated commerce region and wealthiest market on the planet. The “NAFTA” is the mainly complete provincial exchange ascension ever arranged by the “United States” and is booked to be completely executed. In “1996, U.S.” two-route exchange merchandise under the “NAFTA” with Mexico and Canada remained at “$420 billion a 44 %” expansion because the “NAFTA” was agreed upon.

2. What are the benefits of taxes for societies and individuals? The taxes can be used for anything that needs work on or whatever they can use or need it for. So it helps a lot with things like constructions, transportation, and anything in the city or state.

Many services offered to the public are funded by theses taxes, which could not be administered successfully under some other arrangement. Taxes are defined as an obligatory subsidy to state income. These subsidies are imposed by the local, state, and federal governments on workers wages and business’s financial gains or added to the cost of some

Taxes are the dollars that we pay to government to supply the services that are not or can not be provided through the free enterprise system. Taxes have been around since the beginning of organized societies. They come in various forms. Most common are income taxes both federal and local government. These taxes are assessed on the amount of income a person earns. Other taxes come in the form of user taxes; these taxes are imposed on the people that are using the goods being taxed, such as gas tax, alcohol tax, sales tax, and luxury taxes. Property taxes make up the major revenues for local and city governments. Furthering the burden of taxation are taxes that are attached to such bills as utility

Taxation systems are usually modeled in such a way that they take into consideration the social welfare of the citizens. The government and other policy makers have the responsibility of ensuring that the system takes into account the needs of the citizens. The bottom line is that taxation should foster equal distribution of resources. The rate of taxation is usually arrived at after several considerations have been made. The rates are not fixed as they depend on the various economic changes. The issue of how taxation should be distributed among the different economic classes is yet to be addressed.

I’ve summed up the introduction of Taxation to these slight words. Taxation is defined as a way that the government able to generate or collect revenue from the citizen of one’s nation through different sources. As what I’ve learned from Taxation course that there are two types of taxation, direct which are paid by the taxpayer directly to the government, and indirect which are collected by an intermediary (like a retail store) from the consumer. The intermediary who will file the tax return later and forward the amount of the money to the government with the return. This tax is applicable to organizations and individuals. In this reflection, I would like to highlight what I learned of business and individual taxation, the experience on working with a group for the project and what challenges I faced and how I was able to get past.

First, the establishment of the Galleon Trade cut off all previous associations of the Philippines with other countries in Asia and the Middle East.  As a result, business was only conducted with Spain through Mexico.  Because of this, the small businesses and handicraft industries that flourished during the pre-Spanish period gradually disappeared.