16 Questions
What is the purpose of taxation according to the text?
To generate income to defray government expenses based on citizen's ability to pay
Which type of tax is levied on the transfer of ownership of real property?
Tax on Transfer of real property ownership
What is the percentage of tax exempted for annual salaries less than ₱250,000?
Exempted from tax
What is the purpose of the documentary stamp tax?
To provide documentation of transactions
Why is charity not taxable?
Because it is a form of donation
What is the name of the law that governs local government taxation in the Philippines?
Local Government Code of 1991
What is the purpose of the estate tax?
To tax the transfer of estate of a deceased person to their heirs
What is the tax exemption for a family with 4 children?
₱80,000 and an additional ₱20,000 per child
What is the percentage of tax on capital gains?
6% or more of the pricing
What is the type of tax that is levied on the sale of goods?
Value added tax
What is the type of tax that is levied on the transfer of ownership of real property?
Documentary stamp tax
Who is exempted from paying income tax?
Senior citizens and parents with 4 children
What is the name of the law that governs national internal revenue code?
Republic Act 8424
What is the type of tax that is levied on domestic sales?
Excise tax
What is the type of tax that is levied on the business of printing and publication?
Tax on business of printing and publication
What is the month when taxes are usually paid?
April
Test your knowledge of taxation in the Philippines, including national and local taxes, governed by laws and codes such as RA 8424 and RA 7160. Learn about income tax, capital gains tax, and documentary stamp tax. Understand how the government generates income through taxation.
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