INCOME TAXATION IN THE PHILIPPINES (Preliminary) _______ meaning that tax laws are not applicable to the property of foreign government.

INCOME TAXATION IN THE PHILIPPINES (Preliminary) _______ meaning that tax laws are not applicable to the property of foreign government. _______ It is the courteous recognition, friendly agreement, interaction and respect accorded by one nation to the laws and institutions of another. _______ The producer absorbs payment of tax to reduce prices and to maintain market share. _______ Grant of immunity to particular persons or corporation from a particular class of tax. _______ The state cannot be taxed without its consent. _______ Limit the exercise of taxation as prescribed in the constitution. _______ Exists where the state can still exercise its taxing power over its citizens outside of its territory. _______ Means that tax laws and their implementation must be fair, just, reasonable, and proportionate to one’s ability to pay. ENUMERATION 1) Enumerate the two reasons that justify the importance of taxation 2) Enumerate at least 5 Inherent characteristics of a tax. 3) Enumerate and describe the two ways to escape taxation

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