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Questions and Answers
Which tax is specifically applied to professionals such as lawyers and doctors?
Which tax is specifically applied to professionals such as lawyers and doctors?
Which of the following taxes is paid by all citizens aged 18 and above?
Which of the following taxes is paid by all citizens aged 18 and above?
What does the term 'Excise Tax' refer to?
What does the term 'Excise Tax' refer to?
What kind of tax is a 'Tariff or Import Duty'?
What kind of tax is a 'Tariff or Import Duty'?
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Which of the following statements about Percentage Tax is accurate?
Which of the following statements about Percentage Tax is accurate?
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What is the basis for Property Tax?
What is the basis for Property Tax?
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Which tax is most similar to Sales Tax?
Which tax is most similar to Sales Tax?
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What defines Ad Valorem Tax?
What defines Ad Valorem Tax?
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Study Notes
Types of Taxes
- Several types of taxes exist, levied by governments to fund public services.
- Different taxes apply to various situations, like income, property, and sales.
Professional Tax
- This tax applies to professionals with their own income, such as lawyers, doctors, dentists.
- Accountants are also subject to this tax.
Sales Tax
- This is a general tax on goods and services.
- Value-added tax (VAT) is a type of sales tax.
Tariff or Import Duty
- Taxes are applied to imported products.
Community Tax
- Also known as a "cedula", this tax applies to people over 18.
- Local governments collect this tax.
Property Tax
- This tax applies to inherited, purchased, or gifted property.
- The tax is based on the assessed value of the property (e.g., a house or land).
Excise Tax
- This tax is imposed on specific goods, typically those considered non-essential.
- Ad valorem taxes are based on the value of the item.
- Specific taxes are based on the volume of the item.
Percentage Tax
- This tax applies to persons or businesses involved in goods, services, and property transactions.
- Businesses that generate less than ₱500,000 in a year are exempt from this tax.
Value-Added Tax (VAT)
- This tax is calculated based on the value added to goods and services.
- VAT is included in the final price of an item or service.
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Description
Explore the different types of taxes that governments levy to fund public services. This quiz covers professional tax, sales tax, tariffs, community tax, property tax, and excise tax, offering insights into their applications and implications. Test your knowledge on the diverse tax landscape.
