Classification of Taxes

 Classification of Taxes Composition

CLASSIFICATION OF TAXES

1 ) As to material or object

a. Personal, poll or capitation – taxes of a set amount enforced on persons, whether citizens or not, residing in a specified area without view to their house or the occupation in which they could be engaged. Case: community tax b. Property – tax imposed in property, whether real or personal, in proportion either to its value or according to some other fair method of apportionment. Example: real-estate tax c. Excise – tax imposed upon the performance of the act, the enjoyment of a privilege and also the engaging in a work. Examples: real estate tax, donor's tax, income tax, value-added duty

2 . Regarding who burns the burden

a. Direct – taxes demanded via persons whom are intended or perhaps bound legally to pay the taxes. Examples: community tax, real estate tax, donor's tax, tax b. Roundabout – duty which the taxpayer can shift to another. Case in point: customs, responsibilities, value-added tax some percentage taxes

several. As to perseverance of volume

a. Specific – tax imposed based on a physical unit of measurement, as by brain or amount, weight or perhaps length or volume. Illustrations: tax in distilled mood, fermented liquors, cigars, wine, fireworks, etc . b. Advertisement valorem – tax of your fixed amount of the benefit of home; needs a completely independent appraiser to ascertain its value. Examples: property tax, specific customs responsibilities, excises taxation on cigs, gasoline and others.

*Excise fees on certain specific products imposed underneath the National Interior Revenue Code are both specific or ad valorem taxes.

4. As to purpose

a. General, money or earnings – tax with no particular purpose or object that the earnings is raised, but is actually raised intended for whatever require may come up. Examples: tax, value-added tax b. Particular or regulating – tax imposed for the special purpose regardless of whether...

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