Answered: Explain the NATURE of TAXATION.

Business

Accounting

Explain the NATURE of TAXATION.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Explain the NATURE of TAXATION. Make sure you are able to expound on its definition. Use your own words. Required word count: 50 or more

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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