QUESTION 1Tax revenue is a major source of government income and some governments are[25 MARKS]tempted to increase the tax rates so that they can earn more income.(a) Outline why governments levy taxes on companies and individuals.Marks)(15(b) Discuss the implications of high tax ratesMarks)QUESTION 2(a) State any four (4) objectives of taxation.(10[25 MARKS](4marks)(b) Do you think it is a good idea for the government of Namibia to tax the informalsector? Support your answer with relevant facts.Marks)(15(c) What do you think the government of Namibia can do to widen the tax net in thecountry?Marks)ENDTOTAL MARKS [50](6

Step 1: ### Question 1**(a) Outline why governments levy taxes on companies and individuals. (15…

Answered: QUESTION 1 Tax revenue is a major…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. 1. Consider each of the following points of view and comment on how each point is valid and how each point is flawed: a. Corporations should keep more of their profits (i.e., pay less in tax) because they have a greater ability to use those profits for societal good than the government. b. Corporations cannot be trusted to responsibly use their profits for societal good. The government is better able to distribute those profits in a way that maximizes societal good, so the government should take more (i.e., corporations should pay more in tax) from the corporations Please answer each point or view separately in detail. I would appreciate it.
4 Which of the following statements is/are correct?I. Tax evasion in one year can be offset by paying excessive taxes in the following year.II. Taxation can be exercised by local government units even without a previous constitutional authorityIII. Tax laws should always be aimed at revenue collection.IV. A tax is a voluntary donation to the government.V. The salary of the President of the Philippines is not subject to income tax. Group of answer choices Answer not given I, IV and V All statements are correct IV and V II, III and V III, IV and V All statements are incorrect
• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
Question 30 Which type of tax is used to finance the Social Security program in the United States? (A) consumption tax B income tax payroll tax D) property tax
• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
Bangladesh Income Tax **It is true that the nature of Government influences the formulation of taxation policy. What are the other factors the policy makers have to consider for an effective taxation policy? (500 word min)
Pls answer number 7 to 10. Thanks you
V 10 Trace the evolution of the U.S. income tax system. In your answers note key milestones since the 16th Amendment. In your answers, refer to the key revenue Acts and their significance to current tax laws
Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…
A5 4c c. What is the M&M Proposition II without taxes?

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