OBJECTIVE: The students at the end of the module should be able to distinguish the different
kinds of taxes, the nature, scope, basis, theory, purpose, situs, limitations, subject of taxation and
escape from taxation, the powers of the sovereign, characteristics of taxes, and the basic
principles of a sound tax system, as well as the different taxable income and deductions.
Definition of Terms
TAXATION – is a power inherent in every sovereign state to impose a charge or burden
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