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    Assignment 1

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    Peng Guin
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    Assignment 1

    Uploaded by

    Peng Guin
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    essay

    Original Title

    Assignment 1 - Copy

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    essay

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views1 page

    Assignment 1

    Uploaded by

    Peng Guin
    essay

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    IN A NUTSHELL

    1. Taxation is necessary, and it is intended to benefit everyone. Taxation aids in raising a country's level
    of living. The better one's standard of living, the more and greater one's consumption. A firm flourishes
    when its product or service has a market. As a result, firms should brace themselves for higher domestic
    consumption. This is why taxpayers must intervene. Citizens' taxes fund the most important aspects of
    government, such as the courts, the legal system, national defense, and police protection. It also
    finances social services such as public health, education, and welfare. Finally, one of the most
    fundamental ways for a society to achieve its distributional goals is through taxation. Accounting
    information systems in taxes serve the purpose of gathering, organizing, and reporting financial data,
    which is necessary for the dissemination of taxation materials.

    2. This statement refers to the basic assumption of taxes which is a state necessity because a
    government cannot exist or live without income. Taxation is a required sovereignty component. The use
    of taxation is the fundamental existence of the State, which is obligated by the social pact of its people
    to promote public interest and the public welfare.

    3. The Republic Act 10963, popularly known as Tax Reform for Acceleration and Inclusion (TRAIN) law,
    was passed by the Government for the sake of cutting personal income taxes. The tax base had been
    expanded through a reduction in exemptions from value-added tax and a change in excise duties on
    petrol, automobiles, cigarette goods, coal, and sugar-sweetened drinks. The recent approval of the tax
    law will provide a strong financial structure for the Philippines which would contribute to sustained
    rapid expansion in the country.

    4. We learned that they were involved in a tax evasion scheme involving distribution companies in
    Luxembourg, Hungary, and the Cayman Islands. Foreigners can park their assets and businesses in the
    United States to avoid paying higher taxes in their native countries. This is a type of tax avoidance. ABS-
    CBN is a devious tax evader. Rep. Eric Yap stated, "This is a wake-up call for us to reassess the current
    tax policy in the country" (ACT-CIS Party-list). ABS-CBN has paid approximately P1.4 billion in taxes over
    the last 18 years, while GMA paid P1.4 billion in 2018. BIR, on the other hand, declared that ABS-CBN
    has met all of its tax responsibilities and has no outstanding debts.

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