• Fiscal Adequacy - sources of revenue should be sufficient to meet thedemands of public expenditure.●BASIC PRINCIPLES OFA SOUND TAX SYSTEM●Equality or theoretical Justice tax burden should be in proportion tothe taxpayer's ability to pay. (Ability-To-Pay Principle)-Administrative Feasibility tax laws should be capable of convenient,just and effective administration.-A) Which do you think is the mostimportant among the three inherent powers ofthe state? Why?B) If a tax law violates one of the three principlesof sound tax system, is it necessarily null andvoid? Explain your answer.

Every country's government has the power to levy various types of taxes to fulfil the requirement of…

Answered: ● BASIC PRINCIPLES OF A SOUND TAX…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the term below, the general principle of taxation involved in each case by choosing your answer from the following options. A. Tax avoidance B. Tax evasion C. Primary purpose of taxation D. License fee E. Tax exemption F. Regulatory tax G. Taxpayer's suit H. Legislative in character 1. Territoriality J. Equal protection of law K. Public purpose L. Doctrine of symbiotic relations ship M. Administrative feasibility CASES: 1. The City of Davao passes an ordinance imposing an annual fee of P500 to be paid by every attendant or helper of a massage clinic. 2. The Congress passed a law imposing a tax on the manufacture of sugar by sugar centrals and another tax on owners of land planted to sugar cane. The collections from said taxes were to accrue to a special fund to be used exclusively for the rehabilitation of the sugar industry. 3. Is a Filipino citizen wo resides abroad and whose properties are outside the Philippines, subject to the taxing power of the government? 4. A law granted…
I. Multiple Choice: Choose the correct answer. 1. The levying and imposition of tax and the collection of tax are processes which constitute the taxation system. a. Basis of Taxation b. Aspects of Taxation 2. No person shall be imprisoned for the non-payment of this. c. Nature of Taxation d. Theory of Taxation c. Income Tax d. Property Tax a. Excise Tax b. Poll Tax 3. Tax which is demanded from the persons whom the law intends or desires to pay it. a. Income 4. Tax where the rate increases as the tax base increases. b. Direct c. Indirect d. Excise c. Regressive d. Proportional a. Indirect 5. Catriona Grace, a taxpayer, gives the following reasons for refusing to pay a tax. Which of her reasons is not acceptable for legally refusing to pay the tax? a. That she has been deprived of due process of law. b. The she will derive no benefit from the tax. c. That there is lack of territorial jurisdiction. d. That the prescriptive period for the tax has lapsed. 6. Wiley Cyprus, a Canadian…
Which of the following would not be considered to be tax planning. An arrangement that: Group of answer choices Reduces or defers assessable income. Maximises or accelerates deductions. Utilises different tax rates. Maximises tax offsets. Splits or diverts income. Does not disclose income.

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