
Business Taxation Flashcard
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
Wayground Content
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30 questions
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1.
FLASHCARD QUESTION
Front
Which government agency is responsible for collecting taxes in the Philippines?
Back
Bureau of Internal Revenue
2.
FLASHCARD QUESTION
Front
What BIR form is used for filing the Annual Income Tax Return for individuals engaged in business?
Back
BIR Form 1701
3.
FLASHCARD QUESTION
Front
What is the current VAT rate in the Philippines?
Back
12%
4.
FLASHCARD QUESTION
Front
Which of the following incomes is subject to expanded withholding tax? Salaries, Dividends, Rental income, Bank deposits
Back
Rental income
5.
FLASHCARD QUESTION
Front
Under TRAIN Law, what tax option is available to self-employed individuals earning below Php 3 million annually?
Back
8% tax on gross sales
6.
FLASHCARD QUESTION
Front
What type of tax is imposed on the sale of goods or services in the Philippines?
Back
Value-added tax
7.
FLASHCARD QUESTION
Front
What is the threshold for VAT registration in the Philippines?
Back
PHP 3 million
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