100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary Summaries chapter 11- $6.95
Add to cart

Summary

Summary Summaries chapter 11-

 37 views  0 purchase
  • Course
  • Institution

This is a summary of chapters 11 through the end of the book of the course Introduction to Law that is taught at Maastricht University. It covers all topics discussed during the tutorials as well as all the materials from those chapters in the book.

Preview 2 out of 8  pages

  • January 22, 2019
  • 8
  • 2018/2019
  • Summary
avatar-seller
Ch 11
Taxes: compulsory, unrequited payments to government
Substantive tax law: who, what, where, when
Procedural tax law: how tax liability is assessed and collected (central government and regional)
Principles:
- Legality: requires legislative act
- Equality: has to be a reason for amount of taxation
- Balance of powers:
a. Legislative: decides on existence and design of tax law
b. Executive: carries out enforcement
c. Judiciary: settles disputes between taxpayer and government

Three R’s: revenue, redistribution, regulation
Revenue: finance government expenditures
- Small government: low tax revenue and little regulation
- More taxes means more people will avoid taxes aka low revenue
- Deadweight loss: negative impacts on welfare plus cost of tax
Redistribution: to redistribute wealth
- Progressive: higher taxes on wealthier
- Regressive: lower taxes on wealthier
- Proportional: depends on income
- Incidence: on whom tax burden falls
- Direct tax: legal and economic incidence on same person
- Indirect tax: legal and economic incidence on different people
Regulation: government uses tax to steer behavior

Accretion concept: income is net accumulation of taxpayer’s wealth over the year
- Sum of market value of all consumption and change in value of property rights
Source concept: market value of all gains from specific and stable sources of income

Subjective tax liability:
1. On personal income
2. On combined household income
3. Family situation considered
Objective liability:
1. Timing: only when income is realized (received, etc)
2. Taxability: income is taxable unless otherwise specified
3. Reductions: allowances and deductions reduce amount of taxable income
a. Child allowances
b. Minimum personal allowance
c. Business deduction: that taxpayer incurred while carrying out income earning

, activities
d. Personal deduction: charity, medical, etc

Average tax rate: total tax divided by total taxable income
Marginal tax rate: tax rate that applies to an additional euro of taxable income (incentive to not
earn as much)
Global system: tax rate to sum of all items of income
Schedular system: distinction between applicable rates for different items of income
Flat tax system: 1. Single proportional tax rate
2. No or limited deductions
3. Generous basic allowance
Tax credits: taxpayer may claim refund for the amount of credit that reduces tax liability beyond
zero

Taxes on goods:
1. Value Added Tax (VAT): general transaction tax. Collected in portions that relate to the
tax due on the economic value added of each stage in production and distribution process
of goods and services
2. On specific goods and services (alcohol, cigarettes, etc)
3. On use of goods (motor vehicle registration)
Invoice-credit method: taxpayers obliged to charge VAT on each taxable income
- If a taxpayer paid more input VAT than the output VAT charged in a taxable period, he
or she is entitled to a refund from tax authority
Property taxes:
1. Property ownership: all assets and debts of taxpayer = net wealth
2. Property transaction: all inheritance, gifts, etc that are transferred from one owner to
another.
a. Cheaper between first-degree relatives




Ch 12
Kadi case: under European Convention of Human Rights found that he was not informed of all
evidence against him

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller hkuzee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $6.95. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53068 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$6.95
  • (0)
Add to cart
Added