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Principles of Taxation Notes

Institution: University of Nairobi

Course: Bachelor of Commerce

Content Category: Business Plans

Posted By: mercacy

Document Type: PDF

Number of Pages: 90

Price: KES 200
 
    

Views: 728     Downloads: 6

Summary

The notes contain the basic concepts of taxation, activities of the government, classification and types of taxes, purposes or importance of taxation, principles of optimal tax system, the power of tax, economics effects of taxation, taxable persons, income rates, rates of taxes and relief and finally expense or deduction allowed and not allowed against income.

BASIC CONCEPTS AND PURPOSES OF TAXATION
This first lesson is on the general theory of taxation. From your
general knowledge, you are aware that the government (central or
local government) provides some goods and services to the public.
The goods and services provided to the public cost money which
means that the government must incur expenditure in providing
them. This is referred to as the government expenditure. On the other
hand, the government cannot incur any expenditure unless it first
obtains money in form of government revenue or income. The major
source of government income is taxation. Taxation may be referred to
as the revenue raising activity of the government.
Taxation is part of public finance. Public finance is the study of the
spending and revenue raising activities of the government.
We will start by looking at the government expenditure, which is
characterised by the expected activities of a government. We will then
look at the taxation as source of revenue to finance the government
expenditure.
ACTIVITIES OF THE GOVERNMENT
A government is expected to carry out some activities as part of its
service to the public. These activities are generally of universal
application, but where applicable, a Kenyan example is given to drive
the point home. These activities are:
1. To maintain internal security and external defence and carry out
general administration. In this respect, it will incur expenditure
relating to:
? The cost of police and judiciary for maintenance of law and
order.
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