Simulation - Part 1 Finals

The exemption from real property taxes given to cooperatives applies regardless of whether or not the land owned is leased. This exemption benefits the cooperative's lessee.

• True

• False

The City Assessor may NOT issue an assessment against Tibetan monks who lease a building owned by a private individual in order to use it as a venue for their Buddhist rituals and ceremonies.

• True

• False

Cross-border doctrine, as applied to economic zones (ecozones) or freeport zones has been rendered ineffectual and inoperative for value-added tax (VAT) purposes

• True

• False

an offense under the tax code is considered discovered only after the manner of commission and the nature and extent of fraud has been definitely ascertained. This occurs when:

• there is a judicial declaration of fraud

• when the BIR renders its final decision and requires the taxpayer to pay the deficiency tax.

• when the understatement or overstatement exceeds 30%

Compromises are generally to be favored and those entered into in good faith can only be set aside on the following grounds, except:

• mistake

• stealth

• fraud

• violence

Delinquent taxes may be collected by the BIR through administrative action or judicial action. These actions:

• may be pursued simultaneously

• are mutually exclusive

• must be pursued simultaneously

• incompatible with each other

failure to report sales, receipts, or income of _____ of the amount declared in the return constitutes prima facie evidence of a false or fraudulent return

• more than 30%

• at least 30%

• less than 30%

• 30%

failure to report sales, receipts, or income of _____ of the amount declared in the return constitutes prima facie evidence of a false or fraudulent return

• more than 30%

• at least 30%

• less than 30%

• 30%

An ordinance that prohibits or regulates trade is valid.

• True

• False

new taxes, fees or charges, or changes in the rates thereof, shall accrue on the __________.

• first (1st) day of the quarter next following the effectivity of the ordinance imposing such new levies or rates.

• first (1st) day of January of each year.

• first (1st) day of January of next following year.

• the date as specified in the ordinance imposing such new levies or rates.