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?

    <p>The scope of its effect</p> 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?

    <p>Shares, obligations, or bonds issued by a corporation organized and constituted by Philippine law</p> Signup and view all the answers

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

    <p>Whether the tax proceeds will directly promote the welfare of the community in equal measure</p> 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?

    <p>Franchise to be exercised outside the Philippines</p> Signup and view all the answers

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

    <p>For public purpose, imposed within territorial jurisdiction, no arbitrariness in assessment and collection</p> Signup and view all the answers

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

    <p>Treating all persons subject to legislation alike under the same circumstance and condition</p> Signup and view all the answers

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

    <p>Increasing the tax rate as the tax base increases</p> Signup and view all the answers

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

    <p>When the government is the party granting exemption</p> Signup and view all the answers

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