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    Bba222 Quiz

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    JAYSHLE GUERRERO
    This document defines and describes key concepts related to taxation: 1) The power of taxation includes the power to demand proportionate contributions to fund government expenses through taxes, acquire private property for public use through eminent domain, and regulate liberty and property through police power. 2) Administrative functions of taxation include assessment, which is determining the tax amount due under law, and collection, which is the administrative power to collect taxes. 3) Basic principles of a sound taxation system include taxes being based on ability to pay, fiscal adequacy to avoid deficits, and inherent in sovereignty.

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    Bba222 Quiz

    Uploaded by

    JAYSHLE GUERRERO
    18 views2 pages
    This document defines and describes key concepts related to taxation: 1) The power of taxation includes the power to demand proportionate contributions to fund government expenses through taxes, acquire private property for public use through eminent domain, and regulate liberty and property through police power. 2) Administrative functions of taxation include assessment, which is determining the tax amount due under law, and collection, which is the administrative power to collect taxes. 3) Basic principles of a sound taxation system include taxes being based on ability to pay, fiscal adequacy to avoid deficits, and inherent in sovereignty.

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    This document defines and describes key concepts related to taxation: 1) The power of taxation includes the power to demand proportionate contributions to fund government expenses through taxes, acquire private property for public use through eminent domain, and regulate liberty and property through police power. 2) Administrative functions of taxation include assessment, which is determining the tax amount due under law, and collection, which is the administrative power to collect taxes. 3) Basic principles of a sound taxation system include taxes being based on ability to pay, fiscal adequacy to avoid deficits, and inherent in sovereignty.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views2 pages

    Bba222 Quiz

    Uploaded by

    JAYSHLE GUERRERO
    This document defines and describes key concepts related to taxation: 1) The power of taxation includes the power to demand proportionate contributions to fund government expenses through taxes, acquire private property for public use through eminent domain, and regulate liberty and property through police power. 2) Administrative functions of taxation include assessment, which is determining the tax amount due under law, and collection, which is the administrative power to collect taxes. 3) Basic principles of a sound taxation system include taxes being based on ability to pay, fiscal adequacy to avoid deficits, and inherent in sovereignty.

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    © All Rights Reserved
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    of 2

    The power to demand proportionate contribution from persons and property to defray the

    necessary expenses of the government.

    The power to acquire private property upon payment of just compensation for public purpose.
    Power of Eminent Domain

    The strongest of all the inherent powers of the State. Power of Taxation

    The power to regulate liberty and property to promote the general welfare. Police Power

    The official action of the officer authorized by law in ascertaining the amount of tax due under
    the law from a taxpayer is. Assessment
     
    All of the following are legislative aspect of taxation except. Valuation of property for
    taxation

    All of the following are administrative functions of taxation except. Selection of the object of
    tax

    Levying of local government taxes may be exercised by: The legislative branch of the local
    government only
     
    All of the following, except one, are basic principles of a sound taxation system. Inherent in
    sovereignty

    Under this basic principle of a sound taxation system, the government should not incur a
    deficit. Fiscal Adequacy

    The basic principle of a sound taxation system where “Taxes must be based on the taxpayer’s
    ability to pay” is called: Theoretical justice

    Tax which is fixed proportion of the amount or value of the property with respect to which the
    tax is assessed. Ad valorem

    The use of illegal or fraudulent means to avoid or defeat the payment of tax. Evasion

    It is the aspect of taxation that is administrative in character and the power to exercise is
    vested on the Department of Finance. Collection

    The reason why government would impose taxes on the income of resident citizens derived
    from sources outside the Philippines. Symbiotic relationship

    For income taxation purposes, the term "corporation" excludes one of the following: 
    General Professional Partnership

    One of the following does not fall under the definition of a "corporation" for income taxes
    purposes. Sole Proprietorship
    A corporation organized and created under the laws of a foreign country and is authorized to
    do business trade in the Philippines is: Resident Foreign Corporation
     

    Which of the following is classified as special corporations subject to preferential corporate


    income tax rate? Proprietary Educational Institution

    A corporation which may be classified as either a resident corporation or a non-resident


    corporation is. Foreign Corporation

    The Philippine Health Insurance Corporation, a government owned corporation, is:


    Exempt from corporate income tax

    Exempt corporations are nevertheless subject to 30% tax on income from. Unrelated


    activities

    Which is covered by MCIT? Banks and insurance companies


    Which of the following is not covered by MCIT? Offshore banking units

    A corporation which started operations in December 1, 2018 will be covered by MCIT in. 2022

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