Elimination round-Taxation

Presupposes that the more benefit one receives from the government, the more taxes he should pay.

• Benefit received theory

• Benefit rendered theory

• Benefit tax theory

• Ability to pay theory

Also known as tax holiday, refers to the immunity. Privilege or freedom from being subject to a tax which other are subject to

• Tax exemption

• Tax exempt

• Shifting

• Tax avoidance

This occurs when at least one of the secondary elements of double taxation is not common for both impositions.

• Indirect double taxation

• Direct double taxation

• Double direct taxation

• Double indirect taxation

Who has the burden of proving exemption from VAT on importation?

• The government

• The importer-buyer

• The seller

• Both a and c

A formal letter from the BIR requiring the taxpayer to pay his tax liability within a specific period

• Tax remedies

• Tax collection.

• Tax assessment

• Letter of Authority

It has the executive supervision and control over tax administration

• Bureau of Internal Revenue

• Bureau of Customs

• Department of Finance

• Court of Justice

Who is the taxpayer in locally produced excisable goods?

• Producer

• Importer

• Wholesaler

• Consumer

Which is an item of gross income subject to regular tax?

• Gain on sale of lot by a realty dealer

• Interest income from bank deposits

• Passive royalty income

• Capital gain on sale of domestic stocks

Also known as tax minimization, refers to any act or trick that reduces or totally escapes taxes by any legally permissible means.

• Tax exemption

• Tax exempt

• Shifting

• Tax avoidance

Which is not exempt from VAT on importation?

• Importation of books

• Importation of school supplies

• Importation of magazines

• All of these