Life and works of Rizal.TAXES.group.ppt.

Life and works of rizal

1. “TAXES”

2. *Taxation Policy: *Governments design tax policies based on economic, social, and political considerations. They balance the need to generate revenue with potential impact on economic growth, income distribution, and overall societal wellbeing

3. > Government taxation is the process by which governments collect revenue from individuals , business, and other entities to fund public expenditures and provide essential services . Taxation is a key component of public finance and is used to finance various government activities, such as infrastructure development, education, healthcare, defense, and social welfare program.

4. *Types of taxes: *There are different types of taxes that governments impose, including. >Income Tax: A tax on individuals and business income. >Corporate Tax: A tax on the profits of corporation. >Sales Tax: A tax on the sale of goods and services.

5. > Property Tax: A tax on the value of real estate and other properties. > Value Added Tax (VAT): A tax on the value added at each stage of production or distribution of goods and services. > Excise Tax: A tax on specific goods like tobacco, alcohol, and gasoline. > Customs Duties: Taxes on imports and exports.

6. >Taxations and Economics Impact: *Taxations plays a significant role in shaping economic behavior, For example, high taxes on certain goods might discourage their consumption, while tax incentives can encourage specific economic activities, such as research and delopment

7. > Classification taxes can be classified in different way. Direct tax -Borne directly by the taxpayer: the person who pays the tax or duty also the taxable person. Levied periodically following submission of a tax return by company. 2 . Indirect tax -Paid by a taxpayer who does not directly bear the tax expenses, the tax is levied on the consumer and paid by the vendor. Levied regularly following the occurrence of a particular event and without the need for a tax notice.

8. INCOME TAX RATE TABLE IN 2023 Annual Tax PHP 250,000 and below Above PHP 250,000 to 400,000 Above PHP 400,000 to PHP 800,000 Above PHP 800,000 to PHP 2,000,000 Tax Rate None (0%) 15% of the excess over PHP 250,000 PHP 22,500+ 20% of the excess over PHP 400,000 PHP 102,500+ 25% of the excess over PHP 800,000

9. THANKYOU!!