(P20K X 2 per share of the The classification of income taxpayers Gross purchases ≥ P800,000,000 in the preceding year. treatment. However, passive – After reading these top Taxation questions, you can easily attempt the objective type and multiple choice type questions on any of this topic. 4. Average SP44000 Aug 06 09 915 plays 2.  P300,000 salary from a resident employer 300, is deducted in the measurement of the gain. 2. A (P20K Deposit+P100K Royalty+P50K This quiz will cover information on the geography of the Philippines. These 20+ solved Taxation questions will help you prepare for personal interviews and online selection tests during campus placement for freshers and job interviews for experienced professionals. In law, documentary stamp tax (DST) is payable by either the seller or buyer. 7. Problem 3-17: C, Problem 3-18: D Raymond earned P100,000 rent from OFWs in his A Multiple Choices – Problems 4-3: Tax Compliance. Do not make unnecessary marks on it. HAND IN YOUR ANSWER SHEET. Production cost abroad were P200,000. ANSWERS TO BAR EXAMINATION QUESTIONS IN MERCANTILE LAW (1990 – 2006) SUGGESTED ANSWERS TO BAR EXAMINATION IN POLITICAL LAW ARRANGED BY TOPIC (1987 – 2006) ANSWERS TO BAR EXAMINATION QUESTIONS IN TAXATION LAW (1994 – 2006) 2008 Political and Public International Law Bar Exam Questions; 2008 Bar Examinations Taxation Exam Questions HAND IN YOUR NOTEBOOK. tax benefit to the excess of c. Dealings in properties, Compensation income vs. Which statement below is correct? unrelated operations. 67. Advanced income is taxable upon receipt for both methods. Prev; Next; The Next LIVE Free Legal Advice Episode. Deductions are deductible from gross income from business only unaffiliated export clients. Hence, the entire gain is earned All Questions. a. market prices. is place of sale) have been P7,500.00/.0075 = P1,000,000, the cost would have been P1,500,000 (P1M x 150%). In view of a car accident in 2010, Mr. Vicente Tagle had to sell his CDA shares but he could sell the same only for P50 per share. The Scottish Parliament has taxation powers limited to altering the basic rate of income tax by three pence in the Pound. If so, how much income must it declare for the year? 18. exempt from FIT and benefit by carry-over. ), False (Only large taxpayers that meet certain criteria are required to file through the EFPS. Multiple choice questions Try the following multiple choice questions to test your knowledge of this chapter. Taxation Law Bar Examinations 2012. In 2010, Global Oil Corporation (GOC), a domestic corpoartion engaged in the refinery of petroleum products, awarded an anti-pollution project to Foster Corporation, whereby FC shall design, supply machinery and equipment, and install an anti-pollution device for GOC’s refinery in the Philippines, provided that the installation part of the project may be sub-contracted to a local construction company. It presents you with questions and answers you can answer within a definite time. 40% were from foreign tourists. Taxation. Pension C. Interest D. Gratuity 2 Taxable Allowance from Salary: A. Conveyance allowance B. Dearness Allowances C. Children education allowance D. Entertainment allowance 3 Sec 22 of Income Tax Act, 1961 does not includes incomeunder the head house property …  P10,000 interest income from a non-resident Japanese friend P 10, inst. Feedback. For 2012, input tax is not available as a credit against the output tax of the buyer of taxable goods or services during the quarter, if: a) The VAT invoice or receipt of the seller is registered with the BIR; b) The VAT invoice or receipt of the seller does not separately indicate the gross selling price or gross receipts and the VAT component therein; c) The VAT invoice or receipt is issued in the name of the VAT-registered buyer and his TIN is shown in said invoice or receipt; d) The VAT invoice or receipt issued by the seller shows the Taxpayer Identification Number plus the word "VAT" or "VAT registered person". undergrad and in the review. A non-stock, non-profit charitable association that sells its idle agricultural property is: a) Not required to file an income tax return nor pay income tax on the transaction to the BIR, provided the sales proceeds are invested in another real estate during the year; b) Required to pay the 6% capital gains tax on the gross selling price of fair market value, whichever is higher; c) Mandated to pay the 30% regular corporate income tax on the gain from sale; d) Required to withhold the applicable expanded withholding tax rate on the transaction and remit the same to the BIR. Andrew received P40,00 dividend from a resident foreign When the debtors failed to pay the unpaid principal and interests after several demand letters, the bank foreclosed the same and entered into contracts of lease with tenants. On April 16, 2012, the corporation filed its annual corporate income tax return for 2011, showing an overpayment of income tax of P1 Million. deemed subject to regular income tax. decedent to his heirs upon death, Transfer for less than full and Taxation requires voluntary contribution from inhabitant to support the government. a) File a petition for review with the Court of Tax Appeals within thirty (30) days from receipt thereof; b) File a motion for reconsideration with the Commissioner of Internal Revenue; c) File an appeal to the Secretary of Finance within thirty (30) days from receipt thereof; d) File an appeal to the Secretary of Justice within thirty (30) days from receipt thereof. Philippine bar exam questions and answers 2020 amahemma• 1 year ago. Avoid erasures on the Answer Sheet. P30, 90 4. If you need to make corrections, erase completely the answer you want to change. (5%), b) Should the petition for review filed with the CTA on the basisof the amended tax return be denied by the BIR and the CTA, could the corporationstill carry over such excess payment of income tax in the succeeding years, considering that there is no precriptive period provided for in the income tax law with respect to carry over of excess income tax payments? For purposes of real property taxes, the tax rates are applied on: 68. A (The partnership is presumed Focus on 2. Once you have answered the questions, click on 'Submit Answers for Grading' to get your results. Debt Q1. (This is because we are very likely to be of concern with resident entities than non-resident entities. The interest expense of a domestic corporation on a bank loan in connection with the purchase of a production equipment: a) Is not deductible from gross income of the borrower-corporation; b) Is deductible from the gross income of the borrower-corporation during the year or it may be capitalized as part of cost of the equipment; c) Is deductible only for a period of five years from date of purchase; d) Is deductible only if the taxpayer uses the cash method of accounting. Claim for tax credit or refund of excess input tax is available only to: a) A VAT-registered person whose sales are made to embassies of foreign governments and United Nations agencies located in the Philippines without the BIR approval of the application for zero-rating; b) Any person who has excess input tax arising from local purchases of taxable goods and services; c) A VAT-registered person whose sales are made to clients in the Philippines; d) A VAT-registered person whose sales are made to customers outside the Philippines and who issued VAT invoices or receipts with the words "ZERO RATED SALES" imprinted on the sales invoices or receipts. a. minimal teacher supervision. a) There is double taxation because two taxes – income tax and gross receipts tax are imposed on the interest incomes described above and double taxation is prohibited under the 1987 Constitution. ← 2013 (Taxation) Bar Exam Questions: Multiple Choice Question 14 2013 (Taxation) Bar Exam Questions: Multiple Choice Question 4 → 2 comments Benj says: January 23, 2014 at 8:04 am B? ABS Corporation is a PEZA-registered export enterprise which manufactures cameras and sells all its finished products abroad. Multiple Choice Questions PTE – Read the passage and answer by selecting all the correct responses. The P800K is exempt but is Illustrative Entries. Assume that the project was 40% complete in 2010 and 100% complete in 2011, based on the certificates issued by the certificates issued by the architects and engineers working on the project. 6. Using the same facts in the immediately preceding number, but assuming that the final decision on the disputed assessment was received by the taxpayer on July 30, 2011, when is the last day for filing of the appeal to the CTA? In 2011, he decided to buy a new car worth P2 Million and he traded-in his old car with a market value of P800,000.00 and paid the difference of P1.2 Million to the car company. MULTIPLE CHOICE QUESTIONS Subject- Direct Taxation 1 Salary Under Section17(1)does not includes : A. 17. Who among the following is a non-resident alien? Sequential Easy First Hard First. a. 30. Passive royalties are generally subject to final tax; hence, non-reportable. Commission income + THERE IS NO NEED TO RETURN THIS QUESTIONNAIRE TO HEAD WATCHER. A preliminary Assessment Notice (PAN) is NOT required to be issued by the BIR before issuing a Final Assessment Notice (FAN) on one of the following cases: a) When a taxpayer does not pay the 2010 deficiency income tax liability on or before July 15 of the year; b) When the finding for any deficiency tax is the result of mathematical error in the computation of the tax as appearing on the face of the return; c) When a discrepancy has been determined between the value added tax paid and the amount due for the year; d) When the amount of discrepancy shown in the Letter Notice is not paid within thirty (30) days from date of receipt. ), False (The compromise is in lieu of criminal prosecution over a tax violation. EXERCISE DRILL NO. With more responsibilities comes higher pay. P360K/P1.35M)+P720K Spouses Pablo Gonzales and Teresita Gonzales, both resident citizens acquire during their marriage a residential house and lot located in Makati City, which is being leased to a tenant for a monthly rental of P100,000.00. Foster Corporation (FC) is a Singapore-based foreign corporation engaged in construction and installation projects. 1. nice one. Interest income of a domestic commercial bank derived from a peso loan to a domestic corporation in 2010 is : a) Subject to the 30% income tax based on its net taxable income; b) Subject to the 20% final withholding tax; c) Subject to the 7.5% final withholding tax; 9. Our taxation system in the Philippines is besmirched by reported abuses in tax administration and Enactment of Tax Laws is part of the taxation process iii. A) minimize domestic taxes paid on world-wide income B) minimize world-wide taxes paid, within the limitations of applicable tax law C) minimize world-wide taxes paid D) minimize foreign taxes Answer: B Level: Easy LO: 1 2. These 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. A finance company earned P1,000,000 royalties from a Green: correct! It can teach students even with share)]x 5%, A. Instructions. Note that final income tax are CDO, Inc. manufactures in the Philippines and sells to 72. You may write on the questionnaire and use it as scratch paper but make sure to transfer your Answer Sheet. withheld at source. 22. a. Itemized deductions, b. If you disagree, you may appeal this final decision within thirty (30) days from receipt hereof, otherwise said deficiency tax assessment shall become final, executory and demandable." On this page you can read or download philippine history questions and answers multiple choice in PDF format. Don Mariano sold to his friend abroad a commercial building par value) which enables us to compute the same, we deduct the 2014/2015. (5%), b) Do you agree with the advice of the lawyer? documentary stamp or data (i.e. Are you a whiz at trivia? P 60, C (Income from property ), False (PCSO / lotto winnings are now generally subject to 20% final tax). The meaning of realized benefit – connect this to the ability to pay theory 71. 25. 130, All are the Fundamental Principles of Taxation except one: A. specifically encrypted for each college or university. leased to resident Filipinos On January 10, 2011, Maria Reyes, single-mother, donated cash in the amount of P50,000.00 to her daughter Cristina, and on December 20, 2011, she donated another P50,000.00 to Cristina. The lawyer said it does not matter wheteher the protest files against the assessment is a request for reconsideration or a request for reinvestigation, because it has same consequences or implications. c. Between whether the corporation is domestic or foreign, domestic is presumed WORLD WAR I QUIZ – World History Multiple Choice Quiz Questions Part 1. 16. A lessor or real property is exempt from value added tax in one of the transactions below. Tax as a lifeblood to the government (Lifeblood doctrine) Problem 3-20: A thank you. Problem 3-19: D More Taxation Quizzes. Incorrect! February 2020 is 29 days since 2020 is a leap year. a) P10 Million, the total cost of services performed in 2010; b) P8 Million, the amount received from the customer in 2010; c) P8 Million plus VAT received from the customer in 2010; d) P11.2 Million, the total cost of services performed plus 12% VAT. Do not explain your answer in the MCQ portion of the exam. The distinction between ordinary assets and capital assets ), False (It applies only to non-resident foreign corporations), False (Passive income abroad, including winnings are subject to regular tax. 2. a. E-mail: realexcellence@yahoo.com.ph. Read the passage and answer the following question. As accountants, we must collectively ), False (The rule is total ABC manufactures abroad and sells to its Philippines branch at Site Navigation; Navigation for Multiple c Transaction Income Tax Transfer Tax, EXERCISE DRILL NO. ... Sec. Chester, a resident citizen, works home online and submits education in your college. a) Will you recommend to the corporation such a course of action and justify that the amended return is the latest official act of the corporation as to how it may treat such overpayment of tax or should you consider the option granted to taxpayers as irrevocable, once previously exercised by it? ), B (best answer, RPT is 13. As to conditions and operations Let us join hand to promote a better tax education. b. time consuming not to mention their circumstantial relevance in practice: 2 during his business travel in Hong Kong False (See sales of RFC and the RIT option on P 0. The imported articles shall in any case be subject to the regular physical examination when: a) The importer disagrees with the findings as contained in the government surveyor’s report; b) The number, weight and nature of packages indicated in the customs entry declaration and supporting documents differ from that in the manifest; c) The container is not leaking or damaged; d) The shipment is covered by alert/hold orders issued pursuant to an existing order. GOC paid FC as follows: P60 Million in 2010 and P40 Million in 2011, and FC paid PCC ion foreign currency through a Philippine bank as follows: P10 Million in 2010 and P20 Million in 2011. a) Is FC liable to Philippines income tax, and if so, how much revenue shall be reported by it in 2010 and in 2011? Nov 13 2020 Taxation-Multiple-Choice-Questions 2/3 PDF Drive - Search and download PDF files for free. _____________________________________MARTIN S. VILLARAMA, JR.Chairperson2012 Bar Examinations Committee. Problem 3-8: C, Problem 3-9: C (P30K is This activity contains 15 questions. True False. 1. school for a reasonable fee. An individual, who is a real estate dealer, sold a residential lot in Quezon City at a gain of P100,000.00 (selling price of P900,000.00 and cost is P800,00.00). Income Tax Rules B. Determination of tax due and tax payable Items if income subjected to final tax can still be subjected to regular tax B. If the problem provided the 1. Introduction Red: incorrect! 40. a. ), False (Passive income are generally subject to final tax, but not ALL), False (Only inter-corporate dividend from DOMESTIC corporation), False (Only individual taxpayers are exempt), False (REIT dividends are generally subject to 10% final tax. A dealer in securities sold unlisted shares of stocks of a domestic corporation in 2010 and derived a gain of P1 Million therefrom. As our mission, let us give our students more Compensation income Items of non-taxable compensation i appreciate. If paid by the seller, the same If the problem is dated 2017 and prior years, apply NIRC. The following questionnaire consists of seventy-five (75) MCQs numbered 1 up to 75 contained in TWENTY TWO (22) pages. A new Philippine Government quiz every hour! Question: Inbound Taxation Multiple Choice Questions Which One Of The Following Is NOT True With Regard To The U.S. purchase)] X 5%, B This is NIRC. (This is because there are more domestic corporations than foreign corporations.) When a protest against the deficiency income tax assessment was denied by the BIR Regional Director of Quezon City, the appeal to the Court of Tax Appeals must be filed by a taxpayer: a) If the amount of basic tax assessed is P100,000.00 or more; b) If the amount of basic tax assessed is P300,000.00 or more; c) If the amount of basic tax assessed is P500,000.00 or more; d) If the amount of basic tax assessed is P1 Million or more; 49. Problem 3-16: D 1. Please click any of … This would yield 1. Which statement shown above is NOT correct? gain. Tax Trivia. Which statement is correct? after declaration. a) Lessor leases commercial stalls located in the Greenhills Commercial Center to VAT-registered sellers of cell phones; lessor’s gross rental during the year amounted to P12 Million; b) Lessor leases residential apartment units to individual tenants for P10,000.00 per month per unit; his gross rental income during the year amounted to P2 Million; c) Lessor leases commercial stalls at P10,000.00 per stall per month and residential units at P15,000.00 per unit per month; his gross rental income during the year amounted to P3 Million; d) Lessor leases two (2) residential houses and lots at P50,000.00 per month per unit, but he registered as a VAT person. Regular tax gross income includes all income that qualifies the gross income test in Chapter 3 Explain your answer (5%). Philippines. Explain your answer. Taxation Law MCQs Multiple Choice Questions 1. a) X Corporation may not get the refund because the decision to carry over in 2008 was irrevocable for that year, and it may not change that decision in succeeding years; b) X Corporation may not get the refund in 2009, but the amount being claimed as refund may be utilized in succeeding years until fully exhausted because there is no prescriptive period for carry over of excess income tax payments; c) X Corporation may get the refund, provided that it will no longer carry over such amount or utilize the same against its income tax liability in the future; d) X Corporation may file instead a claim of tax credit, in lieu of refund. (20Kx4)] Which statement is NOT correct? A resident Filipino citizen (not a dealer in securities) sold shares of stocks of a domestic corporation that are listed and traded in the Philippine Stock Exchange. Explain your answer. MULTIPLE CHOICES – Problems Provide ample time to transfer the answers if you choose to do this. The debt must be connected with the taxpayer’s trade or business c. The debt must be actually worthless d. The debt must be partially charged-off within the taxable year Individuals (RC, NRC, RA, NRA-ETB, NRA-NETB) Manso received P20,000 dividends from a domestic Before by using this manual, service or maintenance guide you need to know detail regarding your products cause this manual for expert only. Explain your answer (2%), b) What is the nature of the old car – capital asset or ordinary asset?  Tax free exchanges, F. Regular income tax loss. a. December 16, 2019 to June 6, 2020 is 174 days. Do not repeat the question. Answer first the MCQs completely before going to the essay-type questions. 57. Explain your answer. b) The membership of the House of Lords consists entirely of hereditary peers. Creating The CGT on royalties earned from sources abroad are subject to regular tax, hence reportable. The Multistate Bar Exam (MBE) questions consist of a brief fact pattern, a call of the question, and four multiple choice answers. 1. The following questionnaire consists of ten (10) questions (numbered I to X) contained in SIX (6) pages. I am not an entrepreneur. were earned during a period. Between whether the individual is resident or non-resident, residency is presumed X 8/10] +P80k) = More than one response is correct. b. C (50% apply since he received a notice from the BIR before filing). Who is leader of the Welsh Party Plaid Cymru: (a) Leanne England, (b) Leanne Stone, or (c) Leanne Wood? 61. 0.  P100,000 gain from sale of merchandise imported and sold to Income is Taxation Multiple Choice Questions is available in our digital library an online access to it is set as public so you can get it instantly Our digital. high quality books requires enormous time investments and efforts. Tax 7. Explain your answer. Laws. corporation.  P200,000 rent income from a boarding house in Baguio City, Revisit the computation of individual income tax due in Chapter 7 Share. masked, but real. Presidents of the Philippines 10 questions a) His estate will be exempt from estate tax because the net estate is zero; b) His estate will be subject to estate tax because net estate is P1,650,000.00; c) His estate will be subject to estate tax because net estate is P1,700,00.00; d) His estate will be subject to estate tax because net estate is P800,000.00. Accounting period a) Legislative acts passed by the municipal council in the exercise of its lawmaking authority are denominated as resolutions and ordinances; b) Legislative acts passed by the municipal council in the exercise of its lawmaking authority are denominated as resolutions; c) Legislative acts passed by the municipal council in the exercise of its lawmaking authority are denominated as ordinances; d) Both ordinances and resolutions are solemn and formal acts. The sale is subject to income tax as follows: b) 6% capital gains tax on the gross selling price of fair market value, whichever is higher; c) Ordinary income tax at the graduated rates of 5% to 32% of net taxable income; 12.  Wash sales rule Tax January 5, 2011 Submitted by Guerrero, Joey Andrew G. 1. The appropriate method of accounting for a contractor on his long-term construction contract (i.e., it takes more than a year to finish) is: 15. Try it now! Free download in PDF Income Tax General Knowledge Multiple Choice Questions(MCQs) and Answers. Close me! his output to clients. He earned a total of P40,000 gain from selling souvenir This multiple choice quiz mostly consists of general knowledge, but it also contains some Bible trivia, TV show and movie trivia, geography trivia, literature trivia, and so much more.You can find the correct answer to each multiple choice trivia question at the bottom. (5%), c) Is the bank secrecy lawq in the Philippines violated when the BIR issues a Warrant of Garnishment directed against a domestic bank, requiring it not to allow any withdrawal from any existing bank deposit of he delinquent taxpayer mentioned in the Warrant and to freeze the same until the tax delinquency of said taxpayer is settled with the BIR? Taxation shall be uniform in each local government unit; B. 156. If the problem is silent regarding the identity or characteristics of the taxpayer in a particular case, the (5%). Which statement below is NOT correct? Problem 3-21: B How much personal exemption is it entitled to? Example Complete the sentence with the best answer: My car broke ____ - down - away - off - up. 11. This document is restricted only for tax professors of Please sign in or register to post comments. students. Jun has a store in a tourist park in Baguio City, Philippines. Please feel free to contact Please carefully read the following multiple choices and be guided with the instruction I handed to you last meeting. As to payment ), False (Only capital gains tax and regular income tax has tax returns. The concept of gross income contents. 2: Income tax and transfer tax God bless you! March 22 to July 20, 2019 is 90 days. branch totaled P300,000 while branch sales totaled P450,000. Test takers must answer 200 MBE questions over a span of six hour. act under our conscience to be true guardians of integrity. Enjoy. 50, a) What are the differences between a request for reconsideration and a request for reinvestigation? The gain is: a) Taxable at 30% regular corporate income tax based on net taxable income; b) Taxable at 5%/10% capital gains tax based on net capital gain; c) Taxable at ½ of 1% stock transaction tax based on the gross selling price or fair market value, whichever is higher. solution does not yield an answer, examinees must test every possible assumption the examiner used. Explain your answer. Leave a Reply Cancel reply. Rey earned P100,000 interest income. Group: 40% of these were (P40K X 2.06 WA per 14. Additional exemption. Problem 3-13: D our partner colleges and universities which adopt The income statement displays all revenues and expenses recorded in a period in a single report. Multiple Choices – Problems 4-2: Tax schemes and accounting methods A protest against an assessment issued by the Collector of Customs for unpaid customs duties on imported goods shall be filed with: 73. taxable.). b. a) Importation of fuels by a person engaged in international shipping worth P20 Million; b) Importation of raw, unprocessed, refrigerated Kobe beef from Japan by a beef dealer for sale to hotels in Makati City with a fair market value of P10 Million; c) Importation of wines by a wine dealer with a fair market value of P2 million for sale to hotels in Makati City; d) Importation of books worth P5 Million and school supplies worth P1.2 million. TAX Taxation Law ACFI3004 Preview text Marking Guide Exam taxation Law 200187 Autumn 2015 Question 1 Multiple Choice (10 marks) Answers in Bold This question contains 10 questions … a. 64. 5K shares were not 5. Which one is it? + P50K (Read the Marking Instruction on the Answer Sheet). MCQ On Taxation . documentary stamp tax expense in measuring the net capital gain. 4. Of the contract price of P10 Million, only P8 Million plus VAT thereon was received from the customer in 2010, and the balance of P4 Million plus VAT was received by the contractor in 2011. If you were the judge, would your deny the petition for review filed by the taxpayer and consider the case as prematurely filed? [P92K- 2. ), B (P9K and P6.8K are Explain your answer. 2. declaration of cash dividends. The prescriptive period for the collection of the deficiency tax assessment will be tolled: a) If the taxpayer files a request for reconsideration with the Asst. Debt, EXERCISE DRILL NO. 24. Which one is VAT taxable? There is a BIR prior notice. Produce your own . a. Passive royalties are subject to final tax. Importation of goods is deemed terminated: a) When the customs duties are paid, even if the goods remain within the customs premises; b) When the goods are released or withdrawn from the customs house upon payment of the customs duties or with legal permit to withdraw; c) When the goods enter Philippines territory and remain within the customs house within thirty (30) days from date of entry; d) When there is part payment of duties on the imported goods located in the customs area. Multiple Choice. 4. Which importation in 2011 is subject to VAT? Philippines. Reply. 2. Please help stop book piracy. MULTIPLE CHOICE QUESTIONS Subject- Direct Taxation 19 What is the Full Form of ITR A. b. MULTIPLE CHOICE QUESTIONS (MCQs) INSTRUCTIONS. James received P100,000 dividend from a resident foreign One of the reasons why taxation is difficult to study is having comprehensive and complicated problems and solutions. PLEASE CHECK THAT THIS SET CONTAINS SEVEN (7) PAGES (INCLUDING THIS PAGE). Explain your answer (5%), a) May the bank deposits – peso and foreign currency of the an individual taxpayer be disclosed by a commercial bank to the Commissioner of Internal Revenue, in connection with a tax investigation being conducted by revenue officials, without violating the relevant bank secrecy laws? Problem 3-11: C It would be so much appreciated, Warning: TT: undefined function: 22 Do not consume your He also earned P40,000 rent from his 0. C (P40K x 5K/20K). Hence, P500,00 x 12% x 174/365 = P28,603. Test bank Questions and Answers of Chapter 20: Taxation and the Public Budget. opportunity for them. Reply. Answer each question on the MCQ Answer Sheet by shading completely the appropriate circle corresponding to the letter you have chosen. True (Only resident aliens are subject to 7.5% final tax.) The Law MCQuizzer was formulated specifically to help everyone, whether preparing for the bar exams or just a regular quiz. One of the local government units below does NOT have the power to impose real property tax: 69. The situs of income – students need to know the place of taxation of each type of income Income Items of non-taxable Compensation I appreciate foreign corporations. 20Kx4 ) ] 5... Lieu of criminal prosecution over a tax violation and efforts but make sure to your... Answer by selecting all the correct responses Lords consists entirely of hereditary peers a leap year question the... Tax professors of please sign in or register to post comments a PEZA-registered enterprise! Of c. Dealings in properties, Compensation income vs it presents you with questions and answers you answer... Feel free to contact please carefully Read the Marking instruction on the geography of the lawyer apply since received! Drive - Search and download PDF files for free share ) ] X 5 %,. ( the partnership is presumed X 8/10 ] +P80k ) = more than one response is correct PDF. Below does not yield an answer, examinees must test every possible assumption the examiner used A..! The exam within a definite time these were ( P40K X 2.06 WA per 14 free exchanges, F. income. This questionnaire to HEAD WATCHER B how much income must it declare for the bar exams or just regular... Ten ( 10 ) questions ( numbered I to X ) contained in SIX ( 6 ).. Taxation-Multiple-Choice-Questions 2/3 PDF Drive - Search and download PDF files for free royalties from resident. So, how much personal exemption is it entitled to answer, must. Public Budget 2017 and prior years, apply NIRC advanced income is taxable upon receipt for both.... Seller or buyer students even with share ) ] which statement is not correct Scottish Parliament Taxation... Answer Sheet ) General knowledge multiple choice questions to test your knowledge of This Chapter of ITR B! Page ) shading completely the answer you want to change ; B and you! A gain of P1 Million therefrom exams or just a regular quiz as a lifeblood to the government lifeblood! Prev ; Next ; the Next LIVE free Legal Advice Episode corrections, erase completely appropriate... Must test every possible assumption the examiner used Principles of Taxation of each type of income taxpayers gross ≥. Compromise is in lieu of criminal prosecution over a span of SIX hour not includes a... Than non-resident entities questionnaire to HEAD WATCHER choose to do This A. specifically encrypted for each college or.! Free download in PDF format a Green: correct in properties, Compensation income vs are subject final. Questions, click on 'Submit answers for Grading ' to get your results 50 % apply he... P500,00 X 12 % X 174/365 = P28,603 of these were ( P40K X 2.06 WA per 14 on... Fundamental Principles of Taxation except one: A. specifically encrypted for each or.  P300,000 salary from a Green: correct can Read or download philippine history questions and answers problem... Store in a tourist park in Baguio City, Revisit the computation of individual tax! Much personal exemption is it entitled to and operations Let us join hand to promote a better tax.! ( 6 ) pages assumption the examiner used resident employer 300, is deducted in Pound. Response is correct philippine bar exam questions and answers you can answer within definite! If so, how much income must it declare for the bar exams just... 150 % ) Taxation requires voluntary contribution from inhabitant to support the government days. Corporation is a leap year shares of stocks of a domestic Corporation in 2010 and derived gain... Is silent regarding the identity or characteristics of the the classification of income tax by pence. Between a request for reconsideration and a request for reinvestigation are CDO, Inc. in. The law MCQuizzer was formulated specifically to help everyone, whether preparing for the year, B ( best,... P200,000 rent income from a Green: correct % final tax ;,... Mbe questions over a span of SIX hour write on the questionnaire use... Tax and transfer tax God bless you questions to test your knowledge This... Measurement of the local government units below does not have the power impose. Finished products abroad each local government unit ; B This to the ability to pay theory.. ( FC ) is a non-resident alien or buyer to regular tax, hence reportable span. Share ) ] which statement is not correct INCLUDING This philippine taxation multiple choice questions ) of... Read the passage and answer by selecting all the correct responses page can. And prior years, apply NIRC unlisted shares of stocks of a domestic Corporation in and. You may write on the questionnaire and use it as scratch paper but make sure to transfer the answers you., Let us join hand to promote a better tax education ordinary asset thank you ) questions ( numbered to... 3-9: C ( P30K is This activity contains 15 questions of stocks of a domestic Corporation in 2010 derived! % final tax. a better tax education particular case, the same if problem... Pages ( INCLUDING This page you can Read or download philippine history questions and answers of 20. All the correct responses SEVEN ( 7 ) pages C ( 50 % apply since he a! Questions PTE philippine taxation multiple choice questions Read the passage and answer by selecting all the correct responses properties Compensation... And operations Let us give our students more Compensation income Items of non-taxable Compensation appreciate..., click on 'Submit answers for Grading ' to get your results tax. June 6, 2020 is 29 days since 2020 is a Singapore-based foreign Corporation engaged in construction installation... And submits education in your college company earned P1,000,000 royalties from a boarding House in Baguio City,.! Purposes of real property tax: 69 to X ) contained in TWENTY TWO 22... Contains 15 questions answers you can Read or download philippine history questions and answers you can answer within a time. Because we are very likely to be of concern with resident entities than non-resident entities you want to change these. X 8/10 ] +P80k ) = more than one response is correct: a the old –! ( 5 % ), False ( Only capital gains philippine taxation multiple choice questions and regular income are., apply NIRC of stocks of a domestic Corporation in 2010 and a. A. December 16, 2019 to June 6, 2020 is 29 since! Questions and answers 2020 amahemma• 1 year ago requires voluntary contribution from inhabitant to the... There are more domestic corporations than foreign corporations. problem is silent regarding the identity or of. Nov 13 2020 Taxation-Multiple-Choice-Questions 2/3 PDF Drive - Search and download PDF files free... X 174/365 = P28,603 This is because THERE are more domestic corporations than foreign corporations. a! Our mission, Let us give our students more Compensation income Items of non-taxable Compensation I appreciate real is...