4. At what levels within government can taxes be enacted? The federal government is infamous for taxing individuals and business what other governments should businesses be aware of when setting up a business?
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- 1.) Which theory of taxation states that without taxes, a government would be paralyzed for lack of power to activate and operate it, resulting in its destruction? a. Lifeblood theory b. Reciprocity Theory c. Symbiotic theory 2.) Which type of tax is already repealed by the CREATE Act? a. Regular Corporate Income Tax b. Minimum Corporate Income Tax c. Improperly Accumulated Earnings Tax d. Percentage TaxWhich is an incorrect statement regarding taxes? * a. Taxes are necessary for the continued existence of the government. b. The obligation to pay tax does not rest upon the privilege enjoyed by or the protection afforded to the citizen of the government but upon the necessity of money for the support of the state. c. There should be personal benefit enjoyed from the government before one is required to pay tax. d. Taxes should be collected without unnecessary delay but its collection should not be tainted with arbitrariness. e. Answer not giventaxation&accounting
- 6. Which of the following is g erally serving the regulatory function of taxation? a. Real Estate Tax b. Income Tax c. Customs Duties d. Estate Tax 7. Which of the following could not be considered as a purpose of taxation? a. To raise revenue to support the government. b. To distribute the wealth of the nation. c. To check inflation. d. To impose monetary burden to the people. 8. Which of the following business taxes serve more the regulatory functions of taxation? a. Value Added Tax b. Percentage Tax c. Excise Tax d. Documentary Stamp TaxWhen a government lowers taxes it is employing ________. A) fiscal policy B) monetary policy C) domestic policy D) the law of one priceWhich of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.
- 3 What is income tax payable? O A company's liability, based on profitability, that is paid in advance to the government O A payment to a company, based on profitability, that is paid in advance from the government A payment to a company, based on profitability, to be paid from the government O A company's liability, based on profitability, to be paid to the government4. The Bureau of Internal Revenue filed a case against Prorealty Corporation due to non-compliance with the said agency and delinquent tax payer. What could be the possible action of the Corporation? Discuss and relate it to the Political Risk.1. The following defines taxation, except: * a. It is an inherent power of the state. b. It is an executive prerogative. c. It is a process of collecting contributions. d.It is a mode of allocating government costs or burden to the people. 2. It is an economic principle that states that the amount of tax an individual pays should be dependent on the level of burden the tax will create relative to the wealth of the individual. * a. Cost allocation b. Ability to pay c. Benefit received d. Lifeblood doctrine
- Discuss problems regarding tax evasion in a country? What should be the solution that can be done by the government?TRUE OR FALSE. 1. Whenever there is conflict between the Tax Code and the Civil Code, Tax Code will prevail over Civil Code. 2. Taxes are voluntary contributions to the government. 3. Taxation is the government's legitimate means of interfering with the private properties of its subject. 4. Tax laws are given retroactive effect 5. As a rule, doubts as to imposition must be resolved liberally in favor of the government. 6. An aspect of tax power that could be delegated to the President covers both legislative and administrative discretion. 7. The power of judicial review in taxation is limited only to the interpretation and application of tax laws. 8. No law granting any tax exemption shall be passed without the concurrence of the two-thirds of the members of the Congress present. 9.The primary requisite of equity principle is that each taxpayer should be required to contribute equal amounts in the form of taxes. 10. All government entities regardless of their functions are exempted…Explain the main differences between tax evasion and tax avoidance and list the main actions taken by governments to reduce/eliminate them?
