POWER OF TAXATION

Taxes are the proportionate contribution from persons and property, imposed by the State by virtue of its sovereignty, for the support of government and for all public needs.

Taxes are the lifeblood of the government. Without which, no government can function. The power to tax is so important that the people must share in the expenses to be incurred by the government in protecting them and extending them benefits in the form of public projects and services.

The power of taxation is inherently vested in the national legislature although the local legislative bodies can already exercise said power. Example of this is the levying of loca tax in cinemas.

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