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Questions and Answers
What is the nature of Philippine tax laws during enemy occupation?
What is the nature of Philippine tax laws during enemy occupation?
- They focus on criminal penalties
- They become more relaxed
- They cease to apply
- They continue to work and apply to the occupied territory (correct)
What does a Revenue Bulletin issued by the Commissioner of Internal Revenue provide?
What does a Revenue Bulletin issued by the Commissioner of Internal Revenue provide?
- Penalties for non-compliance
- Guidelines on real estate transactions
- Guidance on tax treatment of cryptocurrency transactions (correct)
- Enforcement actions against taxpayers
How do BIR Rulings differ from Revenue Bulletins?
How do BIR Rulings differ from Revenue Bulletins?
- Revenue Bulletins reverse BIR Rulings
- BIR Rulings focus on general financial reporting, while Revenue Bulletins guide tax returns
- Revenue Bulletins are binding for all taxpayers, while BIR Rulings are not
- BIR Rulings are legally binding, while Revenue Bulletins are advisory (correct)
In case of a conflict between GAAP and tax laws, what should taxpayers follow when preparing tax returns?
In case of a conflict between GAAP and tax laws, what should taxpayers follow when preparing tax returns?
What is the purpose of BIR Rulings issued in response to taxpayer inquiries?
What is the purpose of BIR Rulings issued in response to taxpayer inquiries?
What do Philippine tax laws focus on in terms of penalties?
What do Philippine tax laws focus on in terms of penalties?
Which type of tax is imposed on residents of a territory?
Which type of tax is imposed on residents of a territory?
In what type of tax does the statutory taxpayer differ from the economic taxpayer?
In what type of tax does the statutory taxpayer differ from the economic taxpayer?
Which tax is based on a fixed proportion imposed on the value of the tax object?
Which tax is based on a fixed proportion imposed on the value of the tax object?
What type of tax treats all taxpayers equally with a flat or fixed rate?
What type of tax treats all taxpayers equally with a flat or fixed rate?
Which type of tax is considered anti-poor and violates progressive taxation principles?
Which type of tax is considered anti-poor and violates progressive taxation principles?
In which type of tax is the impact and incidence of taxation collected from the same taxpayer?
In which type of tax is the impact and incidence of taxation collected from the same taxpayer?
What does a progressive tax system rely on?
What does a progressive tax system rely on?
Which tax system is considered dominantly regressive in the Philippines?
Which tax system is considered dominantly regressive in the Philippines?
What is the purpose of Final Withholding Tax?
What is the purpose of Final Withholding Tax?
What is the purpose of the withholding system on income tax in the Philippines?
What is the purpose of the withholding system on income tax in the Philippines?
What is the similarity between Final Tax and Creditable Withholding Tax?
What is the similarity between Final Tax and Creditable Withholding Tax?
What is the purpose of the withholding system on business tax mentioned in the text?
What is the purpose of the withholding system on business tax mentioned in the text?
What does a regressive tax system rely on?
What does a regressive tax system rely on?
Under the Voluntary Compliance System (Self-assessment), how is the tax due reduced for taxpayers?
Under the Voluntary Compliance System (Self-assessment), how is the tax due reduced for taxpayers?
Why is it important for government funds to cover costs, as mentioned in the text?
Why is it important for government funds to cover costs, as mentioned in the text?
What is the principle of Theoretical Justice (Equity) in taxation?
What is the principle of Theoretical Justice (Equity) in taxation?
How does the Administrative Feasibility principle aim to encourage compliance?
How does the Administrative Feasibility principle aim to encourage compliance?
What is the purpose of Revenue Memorandum Rulings (RMRs)?
What is the purpose of Revenue Memorandum Rulings (RMRs)?
What is the purpose of the Assessment or Enforcement System mentioned in the text?
What is the purpose of the Assessment or Enforcement System mentioned in the text?
What happens if BIR Rulings contradict Revenue Memorandum Rulings (RMRs)?
What happens if BIR Rulings contradict Revenue Memorandum Rulings (RMRs)?
Which type of ruling must align with Revenue Memorandum Rulings (RMRs), or it becomes void?
Which type of ruling must align with Revenue Memorandum Rulings (RMRs), or it becomes void?
What is the purpose of Revenue Memorandum Circulars (RMCs)?
What is the purpose of Revenue Memorandum Circulars (RMCs)?
What do Revenue Bulletins (RBs) do?
What do Revenue Bulletins (RBs) do?
What example is given in the text to explain a Revenue Memorandum Ruling (RMR)?
What example is given in the text to explain a Revenue Memorandum Ruling (RMR)?
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