Taxation

________are funds used not only to keep the government machinery going, but also to enable the government to carry out its various fiscal functions of allocation, distribution, and stabilization

• Public revenues

• Grants

• Fiscal Policy

• Monetary Policy

The Philippine revenues are derived from sources, except

• Taxes

• Grants

• Capital Revenue

• Goods

________ cover proceeds from sales of fixed capital assets or scrap thereof and public domain and gains on such sales like sale of public lands, buildings and other structures, equipment, and other properties recorded as fixed assets.

• Tax Revenue

• Extra-ordinary Income

• Capital Revenue

• Borrowings

__________ is the inherent power of the sovereign, exercised through the legislature, to impose burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of government.

• Police Power

• Eminent Domain

• Taxation

• Fiscal Revenue

Taxes are the enforced proportional contributions from persons and property levied by the law-making body of the State by virtue of its sovereignty for the support of the government and all public needs.

• True

• False

The primary purpose of taxation on the part of the government is to provide funds or property with which to promote the general welfare and the protection of its citizens and to enable it to finance its multifarious activities.

• True

• False

The theory of taxation, which provides that the existence of government is a necessity; that government cannot continue without means to pay its expenses; and that for these means it has a right to compel its citizens and property within its limits to contribute.

• Life Blood Theory

• Benefit-Received Principle

• Sound Tax System

• Reciprocity

The rule of taxation shall not be uniform and equitable. The Congress shall evolve a progressive system of taxation.

• True

• False

The principles of a sound tax system which means that the sources of revenue should be sufficient to meet the demands of public expenditures.

• Fiscal adequacy

• Equality or theoretical justice

• Administrative feasibility

• Fiscal Responsibility

One of the Nature or characteristics of the State’s power to tax is that, it is legislative in character; hence, only the legislature can impose taxes (although the power may be delegated).

• True

• False