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