INCOME TAXATION - PHILIPPINES The City of Manila, claiming that it can impose taxes under the Local Government Code, imposed a tax on banks (in addition to the percentage tax on banks imposed in the National Internal Revenue Code) The banks within the City of Manila objected for the various reasons given below. Which would justify the objection of the banks?

INCOME TAXATION - PHILIPPINES The City of Manila, claiming that it can impose taxes under the Local Government Code, imposed a tax on banks (in addition to the percentage tax on banks imposed in the National Internal Revenue Code) The banks within the City of Manila objected for the various reasons given below. Which would justify the objection of the banks?

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

INCOME TAXATION - PHILIPPINES

The City of Manila, claiming that it can impose taxes under the Local Government Code,

imposed a tax on banks (in addition to the percentage tax on banks imposed in the National

Internal Revenue Code) The banks within the City of Manila objected for the various reasons

given below. Which would justify the objection of the banks?

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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