Taxation, 2012 Bar — Question 64

MULTIPLE CHOICE

Which statement on prescriptive periods is true? a) The prescriptive periods to assess taxes in the National Internal Revenue Code and the Local Government Code are the same; b) Local taxes shall be assessed within five (5) years from the date they became due; c) Action for the collection of local taxes may be instituted after the expiration of the period to assess and to collect the tax; d) Local taxes may be assessed within ten (10) years from discovery of the underpayment of tax which does not constitute fraud.

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