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Questions and Answers
Taxation is the process by which the sovereign raises revenues to defray government expenses.
Taxation is the process by which the sovereign raises revenues to defray government expenses.
True
Payment of taxes is not based on the ability to pay principle.
Payment of taxes is not based on the ability to pay principle.
False
Taxes are generally payable in cash and not accepted in the form of checks, promissory notes, or in kind.
Taxes are generally payable in cash and not accepted in the form of checks, promissory notes, or in kind.
True
Taxes can be levied on acts, rights, or privileges, such as documentary tax.
Taxes can be levied on acts, rights, or privileges, such as documentary tax.
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Taxes are levied by the law making body of the state.
Taxes are levied by the law making body of the state.
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Study Notes
Taxation Basics
- Taxation is the process by which the government raises revenues to cover its expenses.
- The ability to pay principle is not the basis for payment of taxes.
Characteristics of Taxes
- Taxes are typically payable in cash.
- Taxes are not accepted in the form of checks, promissory notes, or in kind.
Types of Taxes
- Taxes can be levied on acts, rights, or privileges.
- Examples of taxes on acts, rights, or privileges include documentary tax.
Authority to Levy Taxes
- Taxes are levied by the law making body of the state.
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Description
Test your knowledge of taxation in the Philippines with this quiz. Explore the definitions, principles, and concepts of taxation while preparing for exams or expanding your understanding of tax laws in the country.
