Taxation, 2012 Bar — Question 66

MULTIPLE CHOICE

The Manila International Airport Authority (MIAA) is exempt from real property tax. Which statement below is NOT correct? a) MIAA is not a government-owned or controlled corporation because it is not organized as a stock or non-stock corporation; b) MIAA is a government instrumentality vested with corporate powers and performing essential public services; c) MIAA is not a taxable entity because the real property is owned by the Republic of the Philippines and the beneficial use of such property has not been granted to a private entity; d) MIAA is a government-owned or controlled corporation because it is required to meet the test of economic viability.

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