I. Explain the principles of a sound tax system. (3%) SUGGESTED ANSWER The principles of a sound tax system and their respective explanations, are as follows:   a) Fiscal adequacy which means that the sources of revenue should be sufficient to meet the demands of public expenditures (Chavez v. Ongpin, G.R. No. 76778, June 6, 1990); … Continue reading 2015 Bar Exam Suggested Answers in Taxation by the UP Law Complex