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TAX > TAX > Flashcards

TAX Flashcards

1
Q

process or means by which the sovereign
through its law making body imposes burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of the government.

A

TAXATION

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2
Q

promoting public welfare by restraining
and regulating the use of liberty and property.

A

Police Power

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3
Q

the State raises revenue to defray
the necessary expenses of the government.

A

POWER OF TAXATION

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4
Q

power of the state to acquire private property for the public purpose upon
payment of just compensation.

A

Power of Eminent Domain

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5
Q

Provide funds of property to promote general welfare

A

PRIMARY PURPOSE : REVENUE

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6
Q

Device for regulation or control

A

SECONDARY PURPOSE: REGULATORY

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7
Q
  • Preserve the state’s sovereignty
  • To give protection and facilities
A

Necessity Theory

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8
Q

Government’s basic function

A

Lifeblood Theory

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9
Q

Reciprocal duties of protection and support between the state and its inhabitants.

A

Basis of Taxation

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10
Q
  • National
  • Local
A

Scope

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11
Q

Personal

Property

Excise

A

Subject matter

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12
Q

Direct

Indirect

A

Who bears the burden

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13
Q

Determination of fixed amount

A
  • Specific Tax
  • Ad valorem
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14
Q

the state or political unit which has jurisdiction to impose a particular tax.

A

Place of taxation

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15
Q

sum of money for the use of something

A

Toll

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16
Q

a sanction imposed as a punishment

A

Penalty

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17
Q

proportional contribution from owners of lands for special benefits

A

Special Assessment

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18
Q

all funds or income derived by the government

A

REVENUE

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19
Q

pecuniary aid directly granted the government to an individual or private
commercial enterprise

A

Subsidy

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20
Q

charge imposed under the police power

A

Permit/license fee

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21
Q

taxes imposed exported from or imported into a country.

A

Custom duties-

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22
Q

book of rates containing kinds of merchandise with corresponding duties to
pay

A

Tariff-

23
Q

There is a burden of two or more impositions

A

DOUBLE TAXATION

24
Q

transfer of tax burden

A

Shifting-

25
Q

producer pays the tax and endeavor to
recoup himself by improving his process of production

A

Transformation -

26
Q

use of illegal means

A

Evasion-

27
Q

– exploitation of legally permissible alternative

A

Tax avoidance

28
Q

grant of immunity

A

Exemption –

29
Q

reduction in the selling price

A

Capitalization –

30
Q

are natural persons with income derived from within the territorial jurisdiction of taxing authority.

A

INDIVIDUAL TAXPAYERS

31
Q

A Filipino citizen who permanently resides in the Philippines

A

RESIDENT CITIZEN

32
Q

Leaves the Philippines during the taxable year to reside abroad ; atleast 183 days

A

NON-RESIDENT CITIZEN

33
Q

Filipino citizens who are physically present in a foreign country as a consequence of their employment. Their salaries and wages are paid by an employer abroad.

A

OVERSEAS CONTRACT WORKER (OCW)/OVERSEAS FILIPINO WORKER (OFW)

34
Q
  • Individual whose residence is within the Philippines and who is not a citizen thereof.
A

RESIDENT ALIEN

35
Q

Individual whose residence is not within the Philippines and who is not a citizen thereof.

A

NON-RESIDENT ALIEN

36
Q

– Alien is carrying on a business in the Philippines
– Has stayed in the Philippines for more than 180 days

A

NON-RESIDENT ALIEN ENGAGE IN TRADE OR BUSINESS

37
Q

– has stayed in the Philippines for 180 days or less

A

NON-RESIDENT ALIEN NOT ENGAGE IN TRADE OR BUSINESS

38
Q

– refers to income such as compensation income, business income, and income from practice of profession

A

Ordinary or regular income (GRADUATED RATE)

39
Q

– subject to final withholding taxes are certain passive incomes from sources within the Philippines such as II, DI, R, P & OW

A

Passive income (FINAL WITHHOLDING TAX)

40
Q
  • Capital gains from sale of shares of stocks of a domestic corporation and sale of real property in the Philippines
A

Capital gains subject to gains tax (CAPITAL GAIN TAX)

41
Q

defined as a sole proprietor or an
independent contractor who reports income earned from self employment.

A

Self Employed

42
Q

a “person formally certified by a professional body belonging to a specific profession

A

Professional

43
Q

deriving income from both from
self-employment and compensation (arising from employer-employee relationship).

A

Mixed income earner

44
Q

include all the property held by the
taxpayer (whether or not connected with his trade or business) not included in the definition of ordinary assets.

A

Capital assets

45
Q

assets not used or held for sale in the
ordinary course of business are classified as capital assets.

A

CAPITAL ASSETS

46
Q

Shares of stock of a domestic corporation sold directly to a buyer

A

15% of capital gain

47
Q

Sale of real properties located in the Philippines

A

CGT = 6% of which is higher between GSP (gross selling price) and FMV (fair market value)

48
Q

Shares of stock sold or disposed of through the local stock exchange are subject to a PERCENTAGE TAX

A

Stock Transaction Tax

49
Q

the family home of the individual taxpayer which refers to his dwelling house including his family.

A

PRINCIPAL RESIDENCE

50
Q

method of collecting income tax in advance from the recipient of income through the payor thereof, which is
constituted by laws the withholding agent of government.

A

Creditable Withholding Taxes

51
Q

a worker in the private sector paid the statutory minimum wage.

A

MINIMUM WAGE EARNER

52
Q

The rate of minimum wage earner was fixed by

A

Regional Tripartite Wage and Productivity Board

53
Q
A

TAX (2 decks)

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