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Philippine Taxation: Intangible Properties Situs

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Philippine Taxation: Intangible Properties Situs

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Questions and Answers

What is the purpose of taxation according to the text?

Raise revenue
Promote public welfare through regulations
Facilitate state’s need of property for public use
All of the above (correct)

How does taxation relate to the non-impairment of contracts?

Contracts may not be impaired
Contracts may be impaired (correct)
Contracts may be impaired unless just compensation is paid by the government
None of the above

How does taxation benefit the individuals affected?

Benefits are limited to particular property
No special/direct benefit (correct)
Direct benefits result in form of just compensation
No direct and immediate benefit; maintenance of a healthy and orderly society

What distinguishes taxation from police power and eminent domain?

The scope of its effect (C) Signup and view all the answers

Which of the following is an intangible property with a SITUS in the Philippines according to the given text?

Shares, obligations, or bonds issued by a corporation organized and constituted by Philippine law (B) Signup and view all the answers

What is a factor in determining public purpose according to the text?

Whether the tax proceeds will directly promote the welfare of the community in equal measure (C) Signup and view all the answers

Which of the following is NOT an intangible property with a SITUS in the Philippines based on the given text?

Franchise to be exercised outside the Philippines (D) Signup and view all the answers

What are the requirements for taxation to be considered substantive and procedural?

For public purpose, imposed within territorial jurisdiction, no arbitrariness in assessment and collection (D) Signup and view all the answers

What is the principle of equal protection of the law based on?

Treating all persons subject to legislation alike under the same circumstance and condition (D) Signup and view all the answers

What is the definition of 'progressivity' in the context of taxation?

Increasing the tax rate as the tax base increases (D) Signup and view all the answers

What is the condition for revoking a franchise without violating the non-impairment of contracts?

When the government is the party granting exemption (C) Signup and view all the answers