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Understanding Income Tax Fundamentals

Income tax is a tax imposed on an individual's income or a business's profits. It is a key source of revenue for governments to fund public expenditures. Income is defined as money received in exchange for providing goods/services or through investments. The bases of income tax in the Philippines include various Revenue Acts establishing tax laws and policies as well as court decisions and administrative issuances like Memo Orders and Circulars. The Commissioner of the Bureau of Internal Revenue has the power to interpret tax laws and decide on tax cases. The overall purpose of tax is to generate revenue to support government operations and expenditures aimed at bettering citizens and the nation.

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43 views9 pages

Understanding Income Tax Fundamentals

Income tax is a tax imposed on an individual's income or a business's profits. It is a key source of revenue for governments to fund public expenditures. Income is defined as money received in exchange for providing goods/services or through investments. The bases of income tax in the Philippines include various Revenue Acts establishing tax laws and policies as well as court decisions and administrative issuances like Memo Orders and Circulars. The Commissioner of the Bureau of Internal Revenue has the power to interpret tax laws and decide on tax cases. The overall purpose of tax is to generate revenue to support government operations and expenditures aimed at bettering citizens and the nation.

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leo
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INCOME

TAX

A PRESENTATION OF GROUP 8

INCOME
- is money that an individual or
business receives in exchange for
providing a good or service or through
investing capital.

TAX
It is a source of funds by the
government. It is financial charge or
other levy imposed upon a taxpayer by
a state or the functional equivalent of a
state to fund various public
expenditures.

INCOME TAX

Income Tax is a tax on a person's


income, emoluments, profits arising
from property, practice of profession,
conduct of trade.

THE BASES OF INCOME TAX

R.A 7903

Court Decisions

R.A 9337

Taxpayers obligations

R.A 8424

R.A 7919

R.A 7919

Memo Orders
Tax Reform Act of 1997

Zonal Valuations

Taxpayers rights

Memo Circulars

R.A 9337

R.A 9182

Power of the Commissioner to


Interpret Tax Laws and to
TITLE 1 SECTION IV OF R.A 8494 of
Decide
Tax Cases
1997
The

power to decide disputed assessments,


refunds of internal revenue taxes, fees or other
charges, penalties imposed in relation thereto, or
other matters arising under this Code or other
laws or portions thereof administered by the
Bureau of Internal Revenue is vested in the
Commissioner

PURPOSE OF TAX
TO RUN THE
MACHINERIES OF THE
GOVERNMENT FOR
PUBLIC EXPENDITURES

FOR THE BETTERMENT


OF THE CITIZENRY &
NATION

PURPOSE OF TAX
THE FOUR Rs
REVEN
UE

REPRICING

REDISTRIBU
TION

REPRESENTA
TION

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