Philippine Taxation Principles Quiz
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Questions and Answers

What is the primary implementing agency of the National Internal Revenue Code of 1997 in the Philippines?

  • Department of Finance
  • Securities and Exchange Commission (SEC)
  • Bureau of Internal Revenue (BIR) (correct)
  • Philippine Economic Zone Authority (PEZA)

    • What is the purpose of taxation according to the text?

  • To redistribute wealth
  • To encourage savings and investment
  • To collect revenue for government expenses (correct)
  • To control the economy

    • How is income tax defined in the text?

  • Tax on property ownership
  • Tax on goods and services
  • Tax on foreign investments
  • Tax on the net income or the entire income realized in one taxable year (correct)

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