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TAXATION notes
1. Introduction 1.1 Concept and objectives of taxation Taxation is the process of imposing compulsory levies on individuals or entities by governments. Taxes are collected to raise revenue for government expenditures, such as public works, infrastructure, education, healthcare, and social welfare programs. The design and implementation of tax systems is a complex process that involves balancing a number of competing objectives. Governments must strive to create tax systems that are fair, efficient, and effective in raising revenue. The primary objective of taxation is to raise revenue for government expenditures. However, taxation can also be used to achieve other objectives, such as: · Redistributing wealth and income: Taxes can be used to redistribute wealth from the rich to the poor, through progressive tax structures. · Correcting market failures: Taxes can be used to correct ...
LAW OF INSURANCE NOTES
Unit 1: Introduction 1.1 The history and functions of insurance Insurance is a financial mechanism that helps individuals and organizations manage risk by transferring it to an insurance company in exchange for payment of a premium. Insurance has a long history, dating back to ancient civilizations such as Babylon and China, where merchants would pool their resources to reduce the risk of losing goods during transport. Over time, insurance has evolved to include a wide range of products and services, including health insurance, life insurance, property insurance, liability insurance, and more. The functions of insurance include: 1. Risk Management: Insurance helps individuals and organizations manage risk by transferring it to an insurance company. This helps to protect against financial losses due to unforeseen events such as accidents, illness, or natural disasters. 2. Protection of Assets: Insurance can help pr...
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