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Questions and Answers
What is the purpose of taxation according to the text?
What is the purpose of taxation according to the text?
- To provide additional income to government officials
- To reduce the income of citizens
- To penalize citizens for not paying taxes
- To generate income to defray government expenses based on citizen's ability to pay (correct)
Which type of tax is levied on the transfer of ownership of real property?
Which type of tax is levied on the transfer of ownership of real property?
- Income tax
- Percentage tax
- Value-added tax
- Tax on Transfer of real property ownership (correct)
What is the percentage of tax exempted for annual salaries less than ₱250,000?
What is the percentage of tax exempted for annual salaries less than ₱250,000?
- Exempted from tax (correct)
- 30%
- 10%
- 20%
What is the purpose of the documentary stamp tax?
What is the purpose of the documentary stamp tax?
Why is charity not taxable?
Why is charity not taxable?
What is the name of the law that governs local government taxation in the Philippines?
What is the name of the law that governs local government taxation in the Philippines?
What is the purpose of the estate tax?
What is the purpose of the estate tax?
What is the tax exemption for a family with 4 children?
What is the tax exemption for a family with 4 children?
What is the percentage of tax on capital gains?
What is the percentage of tax on capital gains?
What is the type of tax that is levied on the sale of goods?
What is the type of tax that is levied on the sale of goods?
What is the type of tax that is levied on the transfer of ownership of real property?
What is the type of tax that is levied on the transfer of ownership of real property?
Who is exempted from paying income tax?
Who is exempted from paying income tax?
What is the name of the law that governs national internal revenue code?
What is the name of the law that governs national internal revenue code?
What is the type of tax that is levied on domestic sales?
What is the type of tax that is levied on domestic sales?
What is the type of tax that is levied on the business of printing and publication?
What is the type of tax that is levied on the business of printing and publication?
What is the month when taxes are usually paid?
What is the month when taxes are usually paid?
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