BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Flat-rate tax
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Annual tax
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Ad valorem
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National tax
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Detailed explanation-1: -Donation inter vivos is subject to donor’s tax while donation mortis causa is subject to estate tax.
Detailed explanation-2: -Local taxes come in many forms, from property taxes and payroll taxes to sales taxes and licensing fees. They can vary widely from one jurisdiction to the next. Taxes levied by cities and towns are also referred to as municipal taxes.
Detailed explanation-3: -There are four main types of national internal revenue taxes: income, indirect (value-added and percentage taxes), excise and documentary stamp taxes, all of which are administered by the Bureau of Internal Revenue (BIR).
Detailed explanation-4: -Answers. Tax Planning is an activity conducted by the tax payer to reduce the tax liable upon him/her by making maximum use of all available deductions, allowances, exclusions, etc. feasible under law. In other words, it is the analysis of a financial situation from the taxation point of view.