Definition of taxable fact - What it is, Meaning and Concept

The notion of fact can be used to name a work, an event or something that is specified. Taxable , meanwhile, is an adjective that is used to to qualify what can be taxed (a monetary obligation set by law).

A taxable event , therefore, is an event that causes birth of the legal obligation to make a contribution .On this circumstance the application of the tribute in question is specified.

According to tax law, a tax obligation is born with a taxable event, which is also a legal fact (it is established by law and its effects are determined by the Legislation).The taxable event assumes that there is a specific manifestation of taxable capacity, which is determined temporarily and territorially precisely.

Although the characteristics of the taxable event vary according to each country, it is generally considered that the taxable event generates a tax obligation and, simultaneously, tax duties .Therefore, the taxpayer must pay the amount corresponding to the obligation and in turn comply with the requirements set forth in the aforementioned duties (such as providing information, paying late payment interest, etc.).

It is important to keep in mind that the tax linked to a taxable event can be a tax or a rate .In the case of the real estate tax , for example, the taxable event is the property of a real estate (such as a house).A municipal rate , on the other hand, may have the use of a public service (such as lighting).