Basic Stages or Aspects of Taxation

TAXATION QUESTION 2006

Enumerate the 3 stages or aspects of taxation. Explain each

SUGGESTED ANSWER:

The aspects of taxation are:

(1)  LEVYING — the act of the legislature in choosing the persons, properties, rights or privileges to be subjected to taxation.

(2)  ASSESSMENT and COLLECTION — This is the act of executing the law through the administrative agencies of government.

(3)  PAYMENT — the act of the taxpayer in settling his tax obligations