The power to demand proportionate contribution from persons and property to defray the

necessary expenses of the government.

The power to acquire private property upon payment of just compensation for public purpose.
Power of Eminent Domain

The strongest of all the inherent powers of the State. Power of Taxation

The power to regulate liberty and property to promote the general welfare. Police Power

The official action of the officer authorized by law in ascertaining the amount of tax due under
the law from a taxpayer is. Assessment
 
All of the following are legislative aspect of taxation except. Valuation of property for
taxation

All of the following are administrative functions of taxation except. Selection of the object of
tax

Levying of local government taxes may be exercised by: The legislative branch of the local
government only
 
All of the following, except one, are basic principles of a sound taxation system. Inherent in
sovereignty

Under this basic principle of a sound taxation system, the government should not incur a
deficit. Fiscal Adequacy

The basic principle of a sound taxation system where “Taxes must be based on the taxpayer’s
ability to pay” is called: Theoretical justice

Tax which is fixed proportion of the amount or value of the property with respect to which the
tax is assessed. Ad valorem

The use of illegal or fraudulent means to avoid or defeat the payment of tax. Evasion

It is the aspect of taxation that is administrative in character and the power to exercise is
vested on the Department of Finance. Collection

The reason why government would impose taxes on the income of resident citizens derived
from sources outside the Philippines. Symbiotic relationship

For income taxation purposes, the term "corporation" excludes one of the following: 
General Professional Partnership

One of the following does not fall under the definition of a "corporation" for income taxes
purposes. Sole Proprietorship
A corporation organized and created under the laws of a foreign country and is authorized to
do business trade in the Philippines is: Resident Foreign Corporation
 

Which of the following is classified as special corporations subject to preferential corporate

income tax rate? Proprietary Educational Institution

A corporation which may be classified as either a resident corporation or a non-resident

corporation is. Foreign Corporation

The Philippine Health Insurance Corporation, a government owned corporation, is:

Exempt from corporate income tax

Exempt corporations are nevertheless subject to 30% tax on income from. Unrelated

activities

Which is covered by MCIT? Banks and insurance companies

Which of the following is not covered by MCIT? Offshore banking units

A corporation which started operations in December 1, 2018 will be covered by MCIT in. 2022