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The process or means by which the sovereign, through its law-making body, raises income to defray the necessary expenses of government
The following are the theory and basis of taxation, EXCEPT
Jurisdiction over subject and object
Ability to pay principle
The basic purpose of taxation is to raise _________.
Characteristics of a sound tax system
Prospectivity of tax laws
It is the use by the taxpayer of legally permissible methods of assessing property or income in order to reduce or entirely escape tax liability
Taxation is an inherent power of the sovereign, exercised through the ________ body.
______ is the means by which the government, through its law-making body, raises funds to pay for its necessary expenses.
The following are the stages of taxation, EXCEPT
Taxes are the ________ of the government and so should be collected without unnecessary hindrance.
The following are requisites of a valid tax, EXCEPT
tax should be used for public purpose
the rule of taxation should be uniform
the subject or object must be within the State's jurisdiction
tax must not encroach upon inherent and Constitutional limitations
tax is payable in money only