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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7
CANADIAN TAX
(1) Do you agree that giving companies tax breaks forcharitable contributions distorts public spending byindirectly giving companies and activists control overhow tax revenues are spent? Why or why not? (2) IfCompany A takes a cynical approach to CSR andCompany B takes a proactive approach, but theymake identical contributions to society, is onecompany “better” than the other? Why or why not?
Answer this for me mate. Much appreciated.
Assuming that taxes are to be raised, which tax increase would be least detrimental to long term economic growth, a GST/HST increase or an increase in income tax? Assume that either of the increases would be revenue neutral, i.e., the federal government would take in the same amount of revenue with either tax that is raised.
4. In Canada, the Ontario government provides a tax incentive for firms that spend on scientific research. This tax credit will most likely: a. help increase TFP in Ontario b. reduce spending on research and development (R&D) c. increase convergence among Canada's provinces d. reduce the likelihood of diminishing marginal returns
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.
• 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.

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