Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

16 Questions

0 Views

Philippine Taxation Laws and Codes

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

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?

Exempted from tax (correct)

30%

10%

20%

What is the purpose of the documentary stamp tax?

To provide documentation of transactions Signup and view all the answers

Why is charity not taxable?

Because it is a form of donation Signup and view all the answers

What is the name of the law that governs local government taxation in the Philippines?

Local Government Code of 1991 Signup and view all the answers

What is the purpose of the estate tax?

To tax the transfer of estate of a deceased person to their heirs Signup and view all the answers

What is the tax exemption for a family with 4 children?

₱80,000 and an additional ₱20,000 per child Signup and view all the answers

What is the percentage of tax on capital gains?

6% or more of the pricing Signup and view all the answers

What is the type of tax that is levied on the sale of goods?

Value added tax Signup and view all the answers

What is the type of tax that is levied on the transfer of ownership of real property?

Documentary stamp tax Signup and view all the answers

Who is exempted from paying income tax?

Senior citizens and parents with 4 children Signup and view all the answers

What is the name of the law that governs national internal revenue code?

Republic Act 8424 Signup and view all the answers

What is the type of tax that is levied on domestic sales?

Excise tax Signup and view all the answers

What is the type of tax that is levied on the business of printing and publication?

Tax on business of printing and publication Signup and view all the answers

What is the month when taxes are usually paid?

April Signup and view all the answers