Understanding Taxation Principles Quiz

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What is the nature of payment of tax, according to the text?

Charitable donation

Donation

Enforced contribution (correct)

Voluntary contribution

In what form is tax generally payable?

Property

Gifts

Money (correct)

In-kind payments

What is the purpose of the manufacturer paying the Tax and not adding it to the product's price?

To avoid paying taxes

To reduce production costs

To improve the product quality

To increase market share (correct)

Why should payment of taxes be based on the ability to pay theory?

To promote equality Signup and view all the answers

What does 'Exemption' refer to in the context of the text?

Having the freedom not to pay a specific tax Signup and view all the answers

Who can levy taxes, according to the text?

'The law-making body of the State' Signup and view all the answers

Which government agency is responsible for collecting taxes as mentioned in the text?

Bureau of Internal Revenue (BIR) Signup and view all the answers

Why does Congress have limitations in imposing taxes?

Due to separation of powers principle Signup and view all the answers

When should an individual taxpayer file BIR Form 1700 according to the text?

On or before April 15 of each year Signup and view all the answers

Who needs to file BIR Form 1701 according to the text?

Mixed income earners, estates, and trusts Signup and view all the answers

Which of the following is NOT considered a source of tax laws?

'Taxpayer Preferences' Signup and view all the answers

What is the purpose of having exceptions listed on BIR Form 1700?

To identify individuals who are not required to file the form Signup and view all the answers

What type of tax is imposed upon an individual residing within a specified territory without regard to their property or occupation?

Capitation Tax Signup and view all the answers

Which type of tax is imposed on real or personal property in proportion to its value?

Property Tax Signup and view all the answers

What type of tax is classified as a tax on exercising certain rights and privileges?

Excise Tax Signup and view all the answers

In which type of tax does both the incidence and burden fall on the same person?

Direct Tax Signup and view all the answers

What tax is demanded from one person with the expectation that this person will indemnify themselves at the expense of another?

Indirect Tax Signup and view all the answers

Where does the local government's power to tax come from?

Constitutional grant Signup and view all the answers

Which of the following is NOT an element of a sound tax system according to Tabag (2022)?

Political Favoritism Signup and view all the answers

What does theoretical justice in a tax system primarily focus on?

Equitable distribution of tax burden based on ability to pay Signup and view all the answers

Which of the following is an aspect typically considered in the determination of taxes by the legislature?

Situs of Taxation Signup and view all the answers

What does fiscal adequacy in a sound tax system ensure?

Sufficient government revenue to meet expenditures and public needs Signup and view all the answers

In the context of taxation, what does administrative feasibility mainly emphasize?

Convenient and effective administration of tax laws Signup and view all the answers

Which of the following is NOT a classification of taxes as mentioned in the text?

Heritage Tax Signup and view all the answers

When should BIR Form 1702-RT Annual Income Tax Return be filed by corporations, partnerships, and other non-individual taxpayers subject only to REGULAR Income Tax Rate?

15th day of the 4th month following the close of the taxpayer’s taxable year Signup and view all the answers

Which of the following is NOT subject to REGULAR Income Tax Rate according to the text?

Foreign corporations engaged in trade or business in the Philippines Signup and view all the answers

What is the tax rate for corporations, partnerships, and other non-individual taxpayers subject to REGULAR Income Tax Rate mentioned in the text?

20% Signup and view all the answers

Which type of entities are specifically mentioned as exceptions to filing BIR Form 1702-RT Annual Income Tax Return in the text?

Joint ventures for construction projects Signup and view all the answers

Where can one find information about Corporate Recovery and Tax Incentives for Enterprises Act according to the text?

<a href="http://www.bir.gov.ph">www.bir.gov.ph</a> Signup and view all the answers

Which reference provides Quicknotes in Taxation according to the text?

GIC Enterprises & Co., Inc. Signup and view all the answers