Taxation docx
LICENSE OR REGULATORY FEE
Download 74.27 Kb. View original pdf
|
FAR-0-Bank-Recon-and-Proof-of-Cash-Drill-Problems
- Navigate this page:
- SPECIAL ASSESSMENT
| LICENSE OR REGULATORY FEE - legal compensation or reward of an officer for specific services while a taxis an enforced contribution from persons or property by the lawmaking body by its sovereignty and for the support of the government and all public needs- imposed for regulation, while taxis levied for revenue- involves the exercise of police power, tax of the taxing power. - Amount of license fee should be limited to the necessary expenses of inspection and regulation, while there is generally no limit on the amount of the tax to be imposed- imposed only on the right to exercise a privilege, while taxis imposed also on persons and property Failure to pay a license fee makes the actor business illegal, while failure to pay a tax does not necessarily make the actor business illegal SPECIAL ASSESSMENT - an enforced proportional contribution from owners of lands specially or peculiarly benefited by public improvements- levied only on land- a personal liability of the person assessed it is limited to the land- based wholly on benefits, not necessity- exceptional both as to time and place a tax has general application. TOLL - a sum of money for the use of something. It is the consideration which is paid for the use of a road, bridge, or the like, of a public nature. - Taxes, on the other hand, are enforced proportional contributions from persons and property levied by the State by virtue of its sovereignty for the support of the government and all public needs. - Toll is paid for the use of another’s property taxis paid for the support of government. - The amount paid as toll depends upon the cost of construction or maintenance of the public improvement used while there is no limit on the amount collected as tax as long as it is not excessive, unreasonable, or confiscatory. - Toll maybe imposed by the government or by private individuals or entities tax maybe imposed only by the government. PENALTY - any sanction imposed as a punishment for violation of law or for acts deemed injurious- taxes are enforced proportional contributions from persons and property levied by the State by virtue of its sovereignty for the support of the government and all public needs. - Penalty is designed to regulate conduct taxes are generally intended to generate revenue. - Penalty maybe imposed by the government or by private individuals or entities taxes only by the government. Download 74.27 Kb. Share with your friends:
|