TAX LAW NOTES: STUDY UNIT 1 INTRODUCTION TO TAXATION

CLS cc 1. LML4804 - TAX Notes TAX LAW NOTES: STUDY UNIT 1. INTRODUCTION TO TAXATION . State Expenditure and Financing: State expenditure is financed through: 1. Increasing the supply of money in the economy minting own money;. 2. Loans;. 3. Generating own income. Generating states Own Income can be done by;. 1. Sale or lease of property;. 2. State enterprises and monopolies;. 3. Taxes, duties, levies, and user charges. What is tax? Compulsory contribution, payable in money or in kind, to a taxing authority, aimed at funding public expenditure. It can't be levied as a counter performance for identifiable public services and need. It does not necessarily take the taxpayers ability to pay nor the benefits received from the public services into account. Taxes, Duties and Levies: these terms are synonymous and are state income. They are just used loosely by lay people and politicians. User charges these are charges linked to a specific type of service used.

The total amount, in cash or otherwise Received by, accrued to or in favour of such resident Or any person other than a resident (source) Excluding receipts or accruals of a capital nature But including specific inclusions (par a-n) 1. Year or period of assessment SECTION 1 READ WITH SECTION 5 o Income assessed over a year. o Year

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