POWER OF TAXATION

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Last updated 5:54 AM on 8/5/26
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10 Terms

1
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Is the inherent authority of the government to impose and collect taxes from individuals, businesses, and other entities.

Power of taxation

2
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Exists as a natural power of every sovereign state.

Inherent

3
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Exercised through laws enacted by the legislature

Legislative

4
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Covers persons, property, businesses, and transactions unless exempt.

Comprehensive

5
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Necessary for the government's existence and effective functioning.

Essential

6
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Tax on individual and business earnings.

Income tax

7
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Tax on the sale of goods and services

Value added tax

8
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Tax on land and buildings

Property tax

9
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Tax on specific goods such as alcohol, tobacco, and fuel.

Excise tax

10
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Taxes on imported and exported products.

Custom duties