1. Which is the most accurate definition of income in the Philippines? Group of answer choices Is the process or means by which through 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 its legitimage objects of government. Basta pag kumita tataxan Pertinent items of gross income specified in this Code, less deductions, if any, authorized for such types of income by this Code or other special laws. Is the flow of wealth other than by a mere source of capital.
1. Which is the most accurate definition of income in the Philippines? Group of answer choices Is the process or means by which through 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 its legitimage objects of government. Basta pag kumita tataxan Pertinent items of gross income specified in this Code, less deductions, if any, authorized for such types of income by this Code or other special laws. Is the flow of wealth other than by a mere source of capital.
Chapter24: Multistate Corporate Taxation
Section: Chapter Questions
Problem 11DQ
Related questions
Question
1.
Which is the most accurate definition of income in the Philippines?
Group of answer choices
Is the process or means by which through 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 its legitimage objects of government.
Basta pag kumita tataxan
Pertinent items of gross income specified in this Code, less deductions, if any, authorized for such types of income by this Code or other special laws.
Is the flow of wealth other than by a mere source of capital.
2.
The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances.
Group of answer choices
True
False
3.
Local Government Units, being limited in power, has the power to tax its constituents.
Group of answer choices
True
False
4.
The BIR need to assess a taxpayer for payment of taxes
Group of answer choices
True
False
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