The essential characteristics of tax include:
1. it is an enforced contribution
2. it is generally payable in money.
3. It is proportionate in character, usually based on the ability to pay
4. it is levied on persons and property within the jurisdiction of the state
5. it is levied pursuant to legislative authority, the power to tax can only be exercised by the law making body or congress
6. it is levied for public purpose
7. it is commonly required to be paid a regular intervals
The power of taxation is that every government needs it. No country can survive without the money that is brought in from taxation.
The nature and scope of business taxation spreads across all the business sectors. Taxation in business is imposed so as business owners can get the privilege of doing business.
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One of the key characteristics of taxation is that contribution is enforced. Other characteristics is that is commonly required to be paid at certain intervals, and it is levied on individuals, businesses, or property
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Inherent and Legislative Power
Nature of Directing
Nature of Directing
Fiscal Policy :)
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