Import Duties and Taxes Penalties Quiz
13 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the penalty for negligence in paying correct duties and taxes on imported goods?

  • A fine equivalent to 125% of the revenue loss (correct)
  • A fine equivalent to 75% of the revenue loss
  • A fine equivalent to 50% of the revenue loss
  • A fine equivalent to 200% of the revenue loss

    • What is the penalty for fraud in paying correct duties and taxes on imported goods?

  • A fine equivalent to 50% of the revenue loss
  • A fine equivalent to 200% of the revenue loss
  • A fine equivalent to 100% of the revenue loss
  • A fine equivalent to 6 times the revenue loss and/or imprisonment of 2 to 8 years (correct)

    • What factors can affect the penalties for failure to pay correct duties and taxes on imported goods?

  • Only mitigating factors
  • Only aggravating factors
  • Only extraordinary factors
  • Mitigating, aggravating, or extraordinary factors (correct)

    • What happens to a person found to have incurred deficiencies in duties and taxes paid for imported goods after post clearance audit and examination?

    <p>They shall be penalized according to degrees of culpability</p> Signup and view all the answers

    What is the percentage equivalent of the fine for negligence in paying correct duties and taxes on imported goods?

    <p>125%</p> Signup and view all the answers

    What is the penalty for negligence in paying correct duties and taxes on imported goods?

    <p>A fine equivalent to 125% of the revenue loss</p> Signup and view all the answers

    What is the penalty for fraud in paying correct duties and taxes on imported goods?

    <p>A fine equivalent to 6 times of the revenue loss and/or imprisonment of not less than 2 years but not more than 8 years</p> Signup and view all the answers

    What factors can influence the penalties for failure to pay correct duties and taxes on imported goods?

    <p>Mitigating, aggravating or extraordinary factors</p> Signup and view all the answers

    What happens if a person is found to have incurred deficiencies in duties and taxes paid for imported goods after post clearance audit and examination?

    <p>They shall be penalized according to two degrees of culpability</p> Signup and view all the answers

    What is the percentage of the revenue loss for the penalty of negligence?

    <p>125%</p> Signup and view all the answers

    What is the penalty for failure or refusal to give full and free access?

    <p>Hold delivery or release of subsequent imported articles to answer for the fine and any revised assessment</p> Signup and view all the answers

    What is the potential criminal prosecution penalty for failure to give full and free access?

    <p>Imprisonment for not less than three years and one day but not more than six years, and/or a fine of One Million Pesos</p> Signup and view all the answers

    What is the penalty for negligence in paying correct duties and taxes on imported goods?

    <p>A fine of Five Hundred Thousand Pesos</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser