18 Questions
What is the purpose of taxation mentioned in the text?
For the protection of the people
Which branch of government has the power to tax according to the text?
Congress
What happens if a person does not pay their poll tax according to the text?
They are imprisoned
Who has the authority to set tariff rates on imported goods according to the text?
The President
What is the main function of License Fee mentioned in the text?
To regulate exercise of a right and privilege
Which branch of government is responsible for ensuring fair treatment under the law according to the text?
Judicial
What is the purpose of taxation?
To generate revenue for the government
Which type of tax is based on the higher income of individuals?
Progressive Income Tax
Who has the power to interpret tax laws in the Philippines?
BIR Commissioner
What type of tax is levied at the point of consumption?
Value Added Tax (VAT)
Which body handles the finances of the Philippines?
Department of Finance (DOF)
What condition must be met for an action to be considered tax evasion?
Accompanied by a bad faith or willful intent
What is the main difference between tax avoidance and tax evasion?
Tax avoidance is legal, while tax evasion is illegal.
Which category of business in terms of revenue range is considered as 'Medium' according to the text?
15,000,001 - 100,000,000
What are some of the most problematic factors hindering businesses according to the text?
Lack of access to financing
What types of reforms does the government consider to encourage movement of MSMEs according to the text?
Using simplified tax reforms
What are some of the taxes and payments mentioned in the text related to compliance in the Philippines?
Social Security Service (SSS)
How is access to finance considered as a challenge for businesses?
It poses a challenge due to limited availability of funds.
Test your knowledge on taxation as the life-blood of government revenue, its purposes, protection of the people, reduction of social inequality, and encouragement of economic growth. Learn about the limitations on the power to tax and the concept of poll tax/cedula.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
