Topic #3: Taxation

Question 1

It is the process of collecting taxes from citizens based on their earnings and property

Answer 1

Taxation

Question 2

Purpose of Taxation

Answer 2

• means where the government finances their expenditures by imposing charges on citizens and corporate entities

Question 3

Taxation in Spanish Philippines

Answer 3

Subsistence
Tribute
Cedula

Question 4

Taxation under the Americans

Answer 4

Industria tax
income tax
inheritance tax
national lottery

Question 5

taxation in the Commonwealth period

Answer 5

income tax
residence tax

Question 6

Two Types of Taxes

Answer 6

National Taxes
Local Taxes

Question 7

these are taxes the ones paid to the Bureau of Internal Revenue

Answer 7

National Taxes

Question 8

The law that bases the National Taxation System

Answer 8

R.A. no 8424 or National Internal Revenue Code of 1997 or the Tax Reform Act of 1997

Question 9

it is a type of National Tax that is imposed on gains that may have been realized by a seller from the sale

Answer 9

Capital Gains Tax

Question 10

it is a type of National tax on documents and instruments in the processing of important documents

Answer 10

Documentary Stamp Tax

Question 11

it is a type of National Tax on a donation or gift that is a gratuitous transfer of property between individuals

Answer 11

Donor’s Tax

Question 12

it is a type of National Tax that is imposed on the privilege of transmitting properties upon the death of the owner

Answer 12

Estate tax

Question 13

It is a national tax based on all annual profits made from property ownership, profession, trades or offices

Answer 13

Income Tax

Question 14

Difference between the Individual Income Tax and the Corporate Income Tax

Answer 14

Former is based on graduated schedule of tax rate while the latter is based on a fixed rate prescribed by the law

Question 15

It is a national tax imposed on persons or entities who sell or lease goods, properties or services in the course of trade or business whose gross annual sales or receipts do not exceed the amount required to register as VAT-registered taxpayers

Answer 15

Percentage Tax

Question 16

it is a national and business tax imposed and collected from the seller in the course of trade or business on every sale of properties.

Answer 16

Value-Added Tax

Question 17

it is a national tax imposed on things that are imported

Answer 17

Excise Tax

Question 18

These are taxes imposed by the local government units.

Answer 18

Local Taxes

Question 19

What are the bases of Local taxes

Answer 19

R.A. 7160 or the Local Government Code of 1991

Question 20

it is a local tax imposed on the sale, donation, barter, or on any mode of transferring ownership of real property

Answer 20

Tax on transfer of Real Property Ownership

Question 21

it is a local tax imposed on the printing and publication of books and similar nature

Answer 21

Tax on Business of Printing and Publication

Question 22

it is a local tax imposed on franchised business, at the rate not exceeding 50% of the 1% of the gross annual receipts of the preceeding calendar year

Answer 22

Franchise Tax

Question 23

It is a local tax imposed on the extraction from public lands, beds of seas and other public territorial jurisdiction

Answer 23

Tax on Sand, Gravel and other Quarry Resources

Question 24

it is a local tax annually for each person engaged in the exercise or practice of his or her profession that requires government examination

Answer 24

Professional Tax

Question 25

It is a local tax collected from places of amusement

Answer 25

Amusement Tax

Question 26

it is a local tax imposed on every vehicle used by manufacturers in the delivery of products to sales outlets

Answer 26

Annual Fixed Tax for Every Delivery Truck or Van of Manufacturers opr Producers, Wholesalers of, Dealers, or Retailers in, Certain Products

Question 27

it is a local tax imposed by cities or municipalities on business before they will be issued a business permit to start operations

Answer 27

Tax on Business

Question 28

these are local taxes imposed for the sealing and licensing of weights and measures

Answer 28

Fees for Sealing and Licensing of Weights and Measures

Question 29

these are local taxes imposed to guarantee fishery privileges in local waters

Answer 29

Fishery Rentals, Fees and Charges

Question 30

it is a local tax that is levied by cities or municipalities to every Filipino or aliens living in the Philippines who has been regularly employed ona wage for at least 30 consecutive working days

Answer 30

Community Tax

Question 31

these are local taxes levied on stores and retailers with gross sales not preceeding 50,000 pesos in a calendar year or 30,000 pesos in city barangays

Answer 31

Taxes levied by the Barangay on stores

Question 32

these are local taxes that are fees collected by the barangay for services rendered in connection with the regulation or the use of barangay owned properties

Answer 32

Service Fees or Charges

Question 33

it is a local tax or fee collected by the issuance of a barangay clearance

Answer 33

Barangay Clearance