Which of the following statements is/are correct? I. Tax evasion in one year can be offset by paying excessive taxes in the following year. II. Taxation can be exercised by local government units even without a previous constitutional authority III. Tax laws should always be aimed at revenue collection. IV. A tax is a voluntary donation to the government. V. The salary of the President of the Philippines is not subject to income tax. Group of answer choices Answer not given I, IV and V All statements are correct IV and V II, III and V III, IV and V All statements are incorrect
Which of the following statements is/are correct? I. Tax evasion in one year can be offset by paying excessive taxes in the following year. II. Taxation can be exercised by local government units even without a previous constitutional authority III. Tax laws should always be aimed at revenue collection. IV. A tax is a voluntary donation to the government. V. The salary of the President of the Philippines is not subject to income tax. Group of answer choices Answer not given I, IV and V All statements are correct IV and V II, III and V III, IV and V All statements are incorrect
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4
Which of the following statements is/are correct?
I. Tax evasion in one year can be offset by paying excessive taxes in the following year.
II.Taxation can be exercised by local government units even without a previous constitutional authority
III. Tax laws should always be aimed at revenue collection.
IV. A tax is a voluntary donation to the government.
V. The salary of the President of the Philippines is not subject to income tax.
I. Tax evasion in one year can be offset by paying excessive taxes in the following year.
II.
III. Tax laws should always be aimed at revenue collection.
IV. A tax is a voluntary donation to the government.
V. The salary of the President of the Philippines is not subject to income tax.
Group of answer choices
Answer not given
I, IV and V
All statements are correct
IV and V
II, III and V
III, IV and V
All statements are incorrect
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