2. In order to phase-out a huge deficit, the President of the Philippines passed a law offering all taxpayers with previous tax delinquency to pay a minimum tax in exchange for relief from tax assessment in the period of delinquency. Is this a valid exercise of taxation power? Defend your answer. 3. The Japanese government invested P1,000,000,000 in a Philippine local bank and earned P10,000,000 interest. Is the income subject to tax or exempt from tax? Indicate the grounds of subjection or exemption. 2. In order to phase-out a huge deficit, the President of the Philippines passed a law offering all taxpayers with previous tax delinquency to pay a minimum tax in exchange for relief from tax assessment in the period of delinquency. Is this a valid exercise of taxation power? Defend your answer. 3. The Japanese government invested P1,000,000,000 in a Philippine local bank and earned P10,000,000 interest. Is the income subject to tax or exempt from tax? Indicate the grounds of subjection or exemption