Taxation, 2012 Bar — Question 63

MULTIPLE CHOICE

Taxing power of local government units shall NOT extend to the following taxes, except one: a) Income tax on banks and other financial institutions; b) Taxes of any kind on the national government, its agencies and instrumentalities, and local government units; c) Taxes on agricultural and aquatic products when sold by the marginal farmers or fishermen; d) Excise taxes on articles enumerated under the National Internal Revenue Code.

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