Quiz-01 - Its a tax on assets. 3. When we refer to indirect...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
LUMS ACCT 370 (2011) Quiz 1 (03.02.11) Name: _________________________ Total Marks: 10 Encircle bullet of correct answer. 1. Constitution of Pakistan: Empowers exclusively provinces to levy agricultural income tax. Empowers both federal government and provinces to levy agricultural income tax. Empowers exclusively federal government to levy agricultural income tax. 2. Which of the following statement about income tax is correct? It is indirect tax. It can be used as an instrument of fiscal policy.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Its a tax on assets. 3. When we refer to indirect tax we mean a tax which: cannot be passed on. paid on ones annual income. can be recovered from others. 4. One of the main purposes of levying income tax is to: Make the nation rich. Merely pay off all the foreign loans. Achieve the goal of redistribution of wealth. 5. Tax administration in Pakistan is headed by: Judiciary Parliament Executive...
View Full Document

This note was uploaded on 05/17/2011 for the course ECON 201 - ECON 201 - taught by Professor Charlesc.chiemeke during the Spring '09 term at American University of Kuwait.

Ask a homework question - tutors are online