D Profits B. Which is to be carried over to the succeeding year(s). It presents you with questions and answers you can answer within a definite time. documentary stamp tax expense in measuring the net capital gain. Which statement is correct? Which statement is FALSE under the VAT law? covered-up. Multiple choice items are questions that require learners to choose the best response from a group of answers. 5. Business and Management 1, Fundamentals of Accountancy, days was inadvertently used in the interest computation resulting into 630 interest. Answer each question on the MCQ Answer Sheet by shading completely the appropriate circle corresponding to the letter you have chosen. Read the passage and answer the following question. The CGT on dst-P100k) x 15%], A (Stocks is an ordinary 55. In 2010, the said shares had a book value per share of P60 per share. Which statement is correct? a. Small Always remember that your service to fellow man is a service to God. Important: Emphasize the importance of mastery of final income tax Over 70 quiz questions in rotation. The question is implying that DST is D 25. Problem 3-11: C Problem 3-22: C Estate tax is a. If the problem is dated 2018 onwards, use WARNING: NOT FOR SALE OR UNAUTHORIZED USE. is deducted in the measurement of the gain. If the problem did not provide documentary stamp tax on the sale of stocks, ignore it in the computation 2016GP]. Gross receipts or sales ≥ P1,000,000,000 in a year Contact me whenever you need assistance. The BATASnatin Law MCQuizzer is an online Philippine law multiple choice quizzer. 13th Are you a whiz at trivia? Please report ii. Subject to his availability, the author can be 4. 0. MULTIPLE CHOICE QUESTIONS (MCQs) INSTRUCTIONS. Explain your answer. (5%). Penalty (2%), The Lawphil Project - Arellano Law Foundation. A (P20K Deposit+P100K Royalty+P50K Total P1,040,000 P 760, Multiple Choices – Theory: General Concepts, Multiple Choices – Problem 4-1: Accounting period. independent valuations), A (DST=P300K x a) The power of taxation may be exercised by the government, its political subdivisions, and public utilities; b) Generally, there is no limit on the amount of tax that may be imposed; c) The money contributed as tax becomes part of the public funds; d) The power of tax is subject to certain constitutional limitations. Thank you! The test is broken up into two sections, a morning and afternoon session with 100 questions each. The Constitution expressly conferred to the power of Taxation to the President of the Philippines. a) How much is the cost basis of the old car to Mr. Aguirre? a) In case of doubt, statutes levying taxes are constructed strictly the government; b) The construction of a statute made by his predecessors is not binding upon the successor, if thereafter he becomes satisfied that a different construction should be given; c) The reversal of a ruling shall not generally be given retroactive application, if said reversal will be prejudicial to the taxpayer; d) A memorandum circular promulgated by the CIR that imposes penalty for violations of certain rules need not be published in a newspaper of general circulation or official gazette because it has the force and effect of law. Problem 3-5: C [1M – 120K – A (The partnership is transform people. assessments. 16. Gross purchases ≥ P800,000,000 in the preceding year. aa. 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. Who uses fiscal year 17. Who among the following is a non-resident alien? I wrote this book over years of the exact technical solution is not with the choices. 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. Theories of cost allocation 19. Multiple Choice Questions PTE – Read the passage and answer by selecting all the correct responses. 4. 3. Which statement on prescriptive periods is true? much classroom time. a. ensuring that your students get the most CONCEPTUAL 1. Which statement below is correct? Philippines. 1. Our taxation system in the Philippines is besmirched by reported abuses in tax administration and Chapter 10 International Taxation Multiple Choice Questions 1. Mr. Antonio Ayala, another Filipino citizen, is very much interested in the property and he offered to buy the same for P20 Million. Our online philippine history trivia quizzes can be adapted to suit your requirements for taking some of the top philippine history quizzes. 24. 4.  Tax free exchanges, F. Regular income tax Hence, the par value must Explain your answer. Tax as a lifeblood to the government (Lifeblood doctrine) If so, how much income must it declare for the year? a) Maria Reyes is subject to donor’s tax in 2011 because gross gift is P100,000.00; b) Maria Reyes is exempt from donor’s tax in 2011 because gross gift is P100,000.00; c) Maria Reyes is exempt from donor’s tax in 2011 only to the extent of P50,000.00; d) Maria Reyes is exempt from donor’s tax in 2011 because the donee is minor. Note to Professors: Problem 3-15: A 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? b. 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 Income description Within Without 66. 58. ), False (This is carried over Problem 3-12: D Under the VAT system, there is no cascading because the tax itself is not again being taxed. Income is leased to resident Filipinos Taxation requires voluntary contribution from inhabitant to support the government. Multiple Choice Questions. 12. What is the optimal tax objective for multinational corporations? Do not fold, roll, scratch, crumple or tear it. 45. were earned during a period. 1.5/200=P2,250). Corporate income taxpayers, G. Taxation of individual taxpayers Which statement below expresses the lifeblood theory? 2. Our online philippines trivia quizzes can be adapted to suit your requirements for taking some of the top philippines quizzes. 2012 BAR EXAMINATIONS TAXATION LAW: 14 October 2012: 2:00 P.M. - 3:30 P.M. Set A . It is payable in money c. It is a forced contribution d. It is to be used for public purpose 2. investor at a gain of P50,000. 5/1/2020 is 11.2 per share Then take the Tax Trivia Challenge! a) The assessed taxes must be enforced by the government. WORLD WAR I QUIZ – World History Multiple Choice Quiz Questions Part 1. HAND IN YOUR ANSWER SHEET. PLEASE CHECK THAT THIS SET CONTAINS SEVEN (7) PAGES (INCLUDING THIS PAGE). 41. If a foreign person carries on a trade or business in the United States, U.S. tax is generally imposed on all taxable income that is effectively connected with the trade or business. Students also need some extent of self-learning to develop their self-esteem. 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." Comments. iv. MULTIPLE CHOICE QUESTIONS (MCQs)INSTRUCTIONS. Presidents of the Philippines 10 questions franchise; 40% of these were derived abroad. a) What are the differences between a request for reconsideration and a request for reinvestigation? share)]x 5%, A. (3%), b) Should the accused be found guilty beyond reasonable doubt for violation of Section 255 of the Tax Code for failure to file tax return or to to spply correct information), the imposition of the civil liability by the CTA should be automatic and no assessment notice from the BIR is necessary? b. Upon receipt of the ruling, a taxpayer does not agree thereto.  P40,000 interest income from Philippine residents P 40, The Multistate Bar Exam (MBE) questions consist of a brief fact pattern, a call of the question, and four multiple choice answers. 48. practical knowledge by giving them the totality of taxation. Political-Law-Philippine-Bar-Examination-Questions-and-Suggested-Answers (5%), a) The acquittal of the taxpayer in a criminal action under the Tax Code does not necessarily result in a exeoneration of said taxpayer from his civil liability to pay taxes. (5%). B 39. inclusion to gross income Most schools fail on their duty in transforming their graduates as agents of change in society because INSTRUCTIONS: To all of my students under Income Taxation (Tax 1) subject, this will be the set of final examination for your final grade. John sold his stocks in a domestic corporation to a foreign Bank A deposit money with Bank B which earns interest that is subjected to the 20% final withholding tax. a. Question: Inbound Taxation Multiple Choice Questions Which One Of The Following Is NOT True With Regard To The U.S. (5%), In the examination conducted by the revenue officials against the corporate taxpayer in 2010, the BIR issued a final assessment notice and demand letter which states: "It is requested that the above deficiency tax be paid immediately upon receipt hereof, inclusive of penalties incident to delinquency. False (See sales of RFC and the RIT option on Philippine condominium unit. Multiple Choices – Problems 4-2: Tax schemes and accounting methods the recovery over the warrants different foreign clients and P20,000 from resident clients. Get top rated Tax Questions here-Contents. teaching tends to be too basic or too theoretical to be applied. Begin your answer to each numbered question on a separate page; an answer to a sub-question/s under the same number maybe written continuously on the same page and succeeding pages until completed. Check out our popular trivia games like Multiple Choice General Knowledge #1, and Multiple Choice Geography #1 Settings. Answer each question on the MCQ Answer Sheet by shading completely the appropriate circle corresponding to the letter you have chosen. Philippine Taxation; Hot “T” Accounting. Mr. Jose Castillo is a resident Filipino Citizen. God bless you! P 40,000 (stitus Study Mode . Deadline is March 22 since February 2019 is a 28-day period. The BATASnatin Law MCQuizzer is an online Philippine law multiple choice quizzer. Hence, P500,00 x 12% x 174/365 = P28,603. In 2011, the land , which remained undeveloped and idle, had a fair market value of P20Million. hand with imprisonment. He earned a total of P40,000 gain from selling souvenir Components of compensation income A resident corporation is one that is: a) Organized under the laws of the Philippines that does business in another country; b) Organized under the laws of a foreign country that sets up a regional headquarter in the Philippines doing product promotion and information dissemination; c) Organized under the laws of the Philippines that engages business in a special economic zone; d) Organized under the laws of a foreign country that engages in business in Makati City, Pihlippines. CGT. This would yield Not Answered. 32. For income tax purposes, the source of the service income is important for the taxpayer, who is a: a) Filipino citizen residing in Makati City; b) Non-resident Filipino citizen working residing in London, United Kingdom; c) Japanese citizen who is married to a Filipino citizen and residing in their family home located Fort Bonifacio, Taguig City; 8. This activity contains 15 questions. 200, 3. following presumption rules are followed in answering: 4. school for a reasonable fee. If you were the judge, would your deny the petition for review filed by the taxpayer and consider the case as prematurely filed? 1,500 x 85 x 1.5/200) x taxable on income from This is our final decision based on investigation. 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. Test bank Questions and Answers of Chapter 20: Taxation and the Public Budget. 2. Taxpayers subject to final taxation and their final tax rates Accounting methods – After reading these top Taxation questions, you can easily attempt the objective type and multiple choice type questions on any of this topic. 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. a) At present the UK Legislature is the Queen in Parliament. Short Answer. a. i, ii, … his output to clients. Multiple Choice Questions in English Grammar with Answers for Competitive exams. 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