Why is taxation is very important in our country?

Taxation not only pays for public goods and services; it is also a key ingredient in the social contract between citizens and the economy. Holding governments accountable encourages the effective administration of tax revenues and, more widely, good public financial management.

What is taxation in your own words?

Taxation is the process by which the government collects money from people to use for government purposes. When the government charges a tax on income earned, products purchased, and property owned, this is an example of taxation.

Why is taxation?

It is through the taxes we pay that the government can perform civil operations. In other words, without taxes, it would be impossible for the government to run the country. Income tax is one of the biggest sources of income for the Indian government.

Is the withholding tax refundable?

The amount withheld and paid by the employer to the government is applied as a prepayment of income taxes and is refundable if it exceeds the income tax liability determined on filing the tax return. However, taxpayers with more complicated tax affairs must file tax returns.

What is the purpose of final withholding tax?

WITHHOLDING TAX FORMS

Are remittances taxable?

In general, profits remitted abroad by a branch office are subject to a 15\% tax rate, based on the total profits applied or earmarked for remittance, without any deduction for the tax component thereof. A lower rate may apply under certain tax treaties.

Who does not pay taxes in Philippines?

Updated March 2018 Page 2 2 Starting January 1, 2018, compensation income earners, self-employed and professional taxpayers (SEPs) whose annual taxable incomes are P250,000 or less are exempt from the personal income tax (PIT). The 13th month pay and other benefits amounting to P90,000 are likewise tax-exempt.

https://www.youtube.com/watch?v=SWwy7EfxlS0