Corporate Taxation KC Q2

Collection of all local taxes is the duty of

• Barangay captain

• Municipal treasurer

• Sanggunian

• Bureau of Internal revenue

Who is not liable to pay for community tax

• individual who is 18 years old

• one who is employed for at least 30 days

• one who owns real property worth more than P1,000

• one who is liable to file income tax returns

________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

________ 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

_________ is legal compensation or reward of an officer for specific services while a tax is an enforced contribution from persons or property by the law-making body by virtue of its sovereignty and for the support of the government and all public needs.

• Taxes

• License Fee

• Assessment

• Tariff

__________ is a sum of money for the use of something. It is the consideration which is paid for the use of a road, bridge, or the like, of a public nature.

• Toll

• Penalty

• Tax

• Debt

Classification of taxes as to subject matter or object includes all, EXCEPT:

• Personal, poll or capitation tax

• Property tax

• Excise tax

• Direct tax