Public Finance and Revenue Structure Quiz

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What happened to the revenue structure from 1960-1964 compared to 1965-1971?

Tax revenue decreased, non-tax revenue decreased, and borrowing increased
Tax revenue and non-tax revenue increased, while borrowing decreased
Tax revenue increased, non-tax revenue decreased, and borrowing decreased
Tax revenue decreased, non-tax revenue increased, and borrowing increased (correct)

What was the order of the revenue structure during the period covered?

Tax revenue, earnings and other credits, public borrowings, extraordinary income, capital revenue
Tax revenue, public borrowings, earnings and other credits, extraordinary income, capital revenue (correct)
Tax revenue, public borrowings, earnings and other credits, capital revenue, extraordinary income
Tax revenue, earnings and other credits, public borrowings, capital revenue, extraordinary income

What was the increase in per capita revenue from 1986 to 1990?

From P3,290 to P3,700
From P3,290 to P2,388
From P2,388 to P2,900
From P2,388 to P3,290 (correct)

What was the main reason for the increase in population growth rate in the second half of the eighties?

Increase in per capita revenue (C) Signup and view all the answers

What was the trend in tax revenue, non-tax revenue, and borrowing from 1960-1964 to 1965-1971?

Tax revenue decreased, non-tax revenue increased, and borrowing increased (A) Signup and view all the answers

What was the most important source of revenue compared to non-tax revenue during the period covered?

Public borrowings (B) Signup and view all the answers

What is the primary objective of Republic Act No. 11976, also known as the Ease of Paying Taxes Act?

To modernize the Philippine taxation system through digitalization initiatives (D) Signup and view all the answers

How does the Ease of Paying Taxes Act categorize taxpayers?

Into micro, small, medium, and large groups (C) Signup and view all the answers

What is one of the key features of the Ease of Paying Taxes Act?

It allows electronic or manual filing of returns and tax payments to the BIR (B) Signup and view all the answers

What is the significance of the elimination of the Annual Registration Fee (ARF) for business taxpayers?

It simplifies tax processes and fosters accessibility for taxpayers (B) Signup and view all the answers

As of December 2023, what is the tax revenue to GDP ratio in the Philippines?

12.6% (C) Signup and view all the answers

What is the time period covered by the historical data on the Philippines's tax revenue as a percentage of GDP?

March 1985 to December 2023, with 156 observations (D) Signup and view all the answers

What is the main reason indirect taxes account for a larger share of tax revenue in developing countries?

Indirect taxes are easier to administer than direct taxes. (A) Signup and view all the answers

What percentage of tax collections did indirect taxes account for on average from 1960-1990 in the Philippines?

74% (D) Signup and view all the answers

In which year did indirect taxes account for the highest share of total tax revenues in the Philippines?

1979 (B) Signup and view all the answers

What is another reason cited in the text for the prevalence of indirect taxes in developing countries?

There is less resistance to indirect taxes than direct taxes. (B) Signup and view all the answers

According to the data provided, what was the share of direct taxes in the Philippines in 1988?

31% (D) Signup and view all the answers

Which statement is NOT true according to the information provided in the text?

Direct taxes are more progressive and equitable than indirect taxes. (B) Signup and view all the answers

What is the primary concern regarding the increasing share of borrowings in national revenues?

It raises concerns about public debt in developing countries. (C) Signup and view all the answers

What was the lowest percentage of total revenues that borrowings accounted for during the period from 1960 to 1990?

0.8% (B) Signup and view all the answers

What is the potential impact of lowering the schedule of marginal tax rates for personal income, according to the text?

It will not make the tax less progressive if accompanied by broadening measures. (D) Signup and view all the answers

What is the reason given in the text for high tax rates encouraging tax evasion?

High tax rates apply to a significant segment of the population. (B) Signup and view all the answers

What is the purpose of including income sources that were previously excluded from the tax base?

To weigh heavily in the total income of higher income groups. (B) Signup and view all the answers

What does the text suggest about the proportion of borrowings in national revenues if government corporations are included?

It would be much higher. (D) Signup and view all the answers

What is the primary purpose of public borrowings in the Philippine fiscal system?

To finance infrastructure and capital improvements (B) Signup and view all the answers

Which of the following is NOT a type of revenue source mentioned in the text?

Personal income tax (B) Signup and view all the answers

What is the role of public borrowings in the Philippine fiscal system, according to the text?

It is used to compensate for fluctuations in the economy and balance the budget (D) Signup and view all the answers

What is the definition of import tax according to the text?

A tax levied on imported materials to control their entry into the local market (C) Signup and view all the answers

Which type of revenue source does the text describe as 'cover all other taxes not covered by the above-listed categories'?

Miscellaneous taxes (D) Signup and view all the answers

What is the definition of capital revenues according to the text?

Proceeds from sales of fixed capital assets or scrap thereof and public domain and gains on such sales (D) Signup and view all the answers