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PERTEMUAN 12
1. The concept of equity means that
a. Under similar circumstances, taxpayers should pay the same tax.
b. The tax effect should not have an impact on business decisions.
c. Assets and liabilities should not be subject to taxation, only increases in
equity.
d. Foreign and domestic source income should always be taxed at the same
rate.
2. The concept of neutrality means that
a. Under similar circumstances, taxpayers should pay the same tax.
b. The tax effect should not have an impact on business decisions.
c. Assets and liabilities should not be subject to taxation, only increases in
equity.
d. Foreign and domestic source income should always be taxed at the same
rate.
3. The concept where under similar circumstances, taxpayers should pay the same
tax is
a. Double taxation.
b. A tax incentive.
c. Equity.
d. Neutrality.
4. The concept where the tax effect should not have an impact on business decisions
is
a. Double taxation.
b. A tax incentive.
c. Equity.
d. Neutrality.
5. The concept which assets that Hong Kong should only tax income that is earned in
Hong is know as the
a. Worldwide approach.
b. Territorial approach.
c. Multidomestic approach.
d. Transnational approach.
6. The value added tax is a (an)
a. Corporate income tax.
b. Withholding tax.
c. Indirect tax.
d. Tax credit.
7. A tax that is applied at each stage of the production process is known as a
a. Corporate income tax.
b. Withholding tax.
c. Value-added tax.
d. Sales tax.
8. Assume that a wholesaler purchased goods from a manufacturer was £34.50
(gross price), the VAT is 15%, and the VAT paid by the manufacturer was £4.50.
The markup on the merchandise is £10. What is the net amount of VAT paid to
Customs and Excise under the British system of computing VAT?
a. £1.5
b. £5.0
c. £46
d. None of the above.
9. The taxation of both domestic and foreign source income is known as
a. Double taxation.
b. The worldwide approach.
c. Effective vs. statutory.
d. A tax incentive.
10. Which of the following is true concerning tax harmonization in the European Union?
a. The EU has harmonized rates and categories in the value-added tax.
b. The EU requires the use of the split rate form of tax system.
c. Tax rates have been coming down in the EU.
d. Although tax rates have not been harmonized, taxes bases and tax systems
have been.