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Taxation and Government Revenue Quiz

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Questions and Answers

What is the purpose of taxation mentioned in the text?

For the protection of the people (correct)

To reduce government revenue

To burden the citizens

To encourage social inequality

Which branch of government has the power to tax according to the text?

Judicial

Senate

Executive

Congress (correct)

What happens if a person does not pay their poll tax according to the text?

They lose their right to vote

They are imprisoned (correct)

They are fined heavily

They receive a warning letter

Who has the authority to set tariff rates on imported goods according to the text?

The President Signup and view all the answers

What is the main function of License Fee mentioned in the text?

To regulate exercise of a right and privilege Signup and view all the answers

Which branch of government is responsible for ensuring fair treatment under the law according to the text?

Judicial Signup and view all the answers

What is the purpose of taxation?

To generate revenue for the government Signup and view all the answers

Which type of tax is based on the higher income of individuals?

Progressive Income Tax Signup and view all the answers

Who has the power to interpret tax laws in the Philippines?

BIR Commissioner Signup and view all the answers

What type of tax is levied at the point of consumption?

Value Added Tax (VAT) Signup and view all the answers

Which body handles the finances of the Philippines?

Department of Finance (DOF) Signup and view all the answers

What condition must be met for an action to be considered tax evasion?

Accompanied by a bad faith or willful intent Signup and view all the answers

What is the main difference between tax avoidance and tax evasion?

Tax avoidance is legal, while tax evasion is illegal. Signup and view all the answers

Which category of business in terms of revenue range is considered as 'Medium' according to the text?

15,000,001 - 100,000,000 Signup and view all the answers

What are some of the most problematic factors hindering businesses according to the text?

Lack of access to financing Signup and view all the answers

What types of reforms does the government consider to encourage movement of MSMEs according to the text?

Using simplified tax reforms Signup and view all the answers

What are some of the taxes and payments mentioned in the text related to compliance in the Philippines?

Social Security Service (SSS) Signup and view all the answers

How is access to finance considered as a challenge for businesses?

It poses a challenge due to limited availability of funds. Signup and view all the answers