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Questions and Answers
Which legislation provided for income taxation in the Philippines for the first time?
Which legislation provided for income taxation in the Philippines for the first time?
When was the National Internal Revenue Code of 1997 passed by the National Assembly?
When was the National Internal Revenue Code of 1997 passed by the National Assembly?
Which Act amended the Revenue Act of 1913 by the so-called War Revenue Act of 1917?
Which Act amended the Revenue Act of 1913 by the so-called War Revenue Act of 1917?
Which law renamed the Code as the National Internal Revenue Code of 1997 and effected substantial changes on the Income Tax Law of the Philippines?
Which law renamed the Code as the National Internal Revenue Code of 1997 and effected substantial changes on the Income Tax Law of the Philippines?
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When was the Revenue Act of 1913 made retroactive and applicable to income earned?
When was the Revenue Act of 1913 made retroactive and applicable to income earned?
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What is the nature of taxation according to the text?
What is the nature of taxation according to the text?
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Who exercises the power of taxation according to the text?
Who exercises the power of taxation according to the text?
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What is the primary objective of taxation as per the text?
What is the primary objective of taxation as per the text?
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When does the existence of taxation commence according to the text?
When does the existence of taxation commence according to the text?
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What must public taxes be used for according to the text?
What must public taxes be used for according to the text?
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Study Notes
Legislative Framework of Taxation in the Philippines
- The first income taxation in the Philippines was provided by the Revenue Act of 1913.
- The National Internal Revenue Code of 1997 was passed by the National Assembly in 1997, effecting notable changes in tax laws.
- The Revenue Act of 1913 was amended by the War Revenue Act of 1917.
- The National Internal Revenue Code of 1997 renamed the prior Code and brought substantial reforms in the Income Tax Law.
Historical Context of Taxation
- The Revenue Act of 1913 was made retroactive to income earned starting from January 1, 1914.
Nature and Functions of Taxation
- Taxation is characterized as an inherent power of the State to impose financial contributions on individuals and entities.
- The power of taxation is exercised by the legislative branch of the government.
- The primary objective of taxation is to generate revenue for public expenditure and development.
- The existence of taxation commences with the enactment of a law imposing taxes.
- Public taxes must be utilized solely for public purposes, ensuring the welfare of the society at large.
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Description
Test your knowledge of the history of Philippine taxation with this quiz. Explore key milestones such as the United States Revenue Act of 1913 and its impact on income taxation in the Philippines.
