What statement is false? a. A tax on consumption will effectively result in virtually all residents of the State paying the tax. b. A tax on consumption would support savings initiative. c. The consumption tax for purchases of goods or services from foreign sources shall be payable by the buyer. d. Business taxes are usually included in the price of goods and services of the seller but are remitted by the seller to the government. e. All of the statements is correct.

What statement is false? a. A tax on consumption will effectively result in virtually all residents of the State paying the tax. b. A tax on consumption would support savings initiative. c. The consumption tax for purchases of goods or services from foreign sources shall be payable by the buyer. d. Business taxes are usually included in the price of goods and services of the seller but are remitted by the seller to the government. e. All of the statements is correct.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter16: Multistate Corporate Taxation

Section: Chapter Questions

Problem 2BCRQ

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Which is an incorrect statement regarding taxes? * a. Taxes are necessary for the continued existence of the government. b. The obligation to pay tax does not rest upon the privilege enjoyed by or the protection afforded to the citizen of the government but upon the necessity of money for the support of the state. c. There should be personal benefit enjoyed from the government before one is required to pay tax. d. Taxes should be collected without unnecessary delay but its collection should not be tainted with arbitrariness. e. Answer not given
Which of the following is false regarding consumption and business tax? a. Importations of goods are subject to value-added tax whether the imported goods are to be used in business or not. b. All business taxes are consumption taxes but not all consumption taxes are business taxes. c. Business taxpayers with annual receipts higher than the VAT threshold who registered as VAT taxpayers may switch to a non-VAT registration provided such actual receipts during the year proved to be lower than the threshold. d. A business taxpayer subject to other percentage taxes shall register as a VAT taxpayer if its total sales or receipts exceeds the VAT threshold. e. All of the other choices is correct.
Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.
. Why might revenues generated from the tax fall short of expectations? 2. Do you think that Philadelphia should or shouldn't have adopted the tax to fund pre-K education? Support your brief argument with economic concepts covered in the course. 3. Suppose a government wants to use tax policy to persuade people to not consume certain products or services. Suppose, the government has limited resources and can only enforce (or collect) a limited number of taxes. Should that government target goods or services that have an elastic or inelastic price elasticity of demand (ED)? Why? 4. Suppose the goal of a government is to raise as much money as possible to fund governmental services. Should the government target goods and services that have an inelastic or elastic ED? Why?
Identify which statement is incorrect: * a. Sale of goods or services by any person or entity may result to the payment of income tax. b. Sale of goods or services by any person or entity may result to the payment of business tax. c. Sale of goods or services by any person or entity may result to the payment of donor's tax. d. All statements are correct. e. All statements are incorrect.
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Identify which statement is incorrect: Sale of goods or services by any person or entity may result to the payment of income tax. Sale of goods or services by any person or entity may result to the payment of business tax. Sale of goods or services by any person or entity may result to the payment of donor's tax. All statements are correct. All statements are incorrect.
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Discuss problems regarding tax evasion in a country? What should be the solution that can be done by the government?