I can do all things through Christ who strengthens me – Philippians 4:13

TAX 112 (ACCY)- ASSIGNMENT

INSTRUCTIONS: The answers of the following questions should be handwritten on a yellow

paper(s) and shall be submitted not later than March 3, 2017 to the CBA secretary.

TAXATION UNDER THE LOCAL GOVERNMENT CODE

Local Business Taxes

1. Do local government units (LGUs) possess the inherent power to tax? State the
provision in the 1987 Philippine Constitution that will support your answer.
2. What are the limitations on the local power of taxation?
3. What are the fundamental principles underlying local taxation?
4. What are the taxes that may be levied by the following LGUs?
a. Province
b. City
c. Municipality
d. Barangay
5. What is the situs of the tax on businesses under Section 143 of the Local Government
Code?
6. Who are exempt from the imposition of toll fees and charges by the LGUs?
7. Who are liable to pay the Community Development Tax? Who are exempt?
8. When do local taxes accrue?
9. What are the remedies available to the taxpayer in connection with the assessment
and/or overpayment of local taxes?

Real Property Taxes

1. What are the fundamental principles underlying real property taxation?

a. A city hired a private computer firm to take charge of the collection of real
property taxes on the ground that the private computer firm would be more
capable of efficient and sound collection. Is the city ordinance that gave
effect to this procedure valid? Explain briefly.
2. What are the components of the real property tax?
3. What is a special assessment?
4. How shall the proceeds of the real property tax be distributed?
5. What real properties are exempt from the real property tax?

PREFERENTIAL TAXES

Senior Citizens Law (RA 7432 as amended by RA 9994)

1. Who is a senior citizen?

2. What are the tax privileges of senior citizens?
3. What are the tax incentives for qualified establishments selling goods and services to
senior citizens?

Magna Carta for Disabled Persons (RA 7277)

1. Who are disabled persons?

2. What are the tax incentives for private entities that improve or modify their physical
facilities in order to provide reasonable accommodation for disabled persons?
3. What are the tax incentives listed in Section 42 of RA 7277?

TAX 112 (ACCY) – ASSIGNMENT| ATTY. EPHRAIM D. SALON, CPA 1

 I can do all things through Christ who strengthens me – Philippians 4:13
Special Economic Zone Act (RA 7916)

1. Define the following terms:

a. Special Economic Zones
b. Industrial Estate
c. Export Processing Zone
d. Free Trade Zone

2. What are the fiscal incentives to PEZA-Registered economic zone enterprises?

Omnibus Investment Code (Book 1 of Executive Order 226)

1. Summarize the incentives granted to registered enterprises under the Omnibus

Investment Code?

Barangay Micro Business Enterprises (BMBEs) Act – (RA 9178)

1. What is the law all about?

2. What is a BMBE?
3. What are the incentives granted to BMBEs?

Double Taxation Agreements (DTA)

1. What is nature and purpose of DTAs?

2. What is the procedure for availment of tax treaty benefits?

TARIFF AND CUSTOME CODE

1. What is meant by tariff?

2. What are regular import duties?
3. Define the following special import duties:
a. Countervailing duty
b. Anti-dumping duty
c. Marking duty
d. Discriminating Duty
4. What is export duty?
5. Enumerate the custom fees and charges imposable under the Tariff & Customs Code?
6. When does importation begin and end?
7. What are the functions of the Bureau of Customs?
8. What are the functions of Tariff Commission?
9. Discuss the nature of tariff and customs duties.
10. What is the basis of assessment of duty?
11. What are the documents required for importation of goods?
12. What are the documents required for export of goods.

TAX 112 (ACCY) – ASSIGNMENT| ATTY. EPHRAIM D. SALON, CPA 2