Business Taxation Flashcard

Front

Which government agency is responsible for collecting taxes in the Philippines?

Back

Bureau of Internal Revenue

Front

What BIR form is used for filing the Annual Income Tax Return for individuals engaged in business?

Back

BIR Form 1701

Front

What is the current VAT rate in the Philippines?

Back

12%

Front

Which of the following incomes is subject to expanded withholding tax? Salaries, Dividends, Rental income, Bank deposits

Back

Rental income

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

Front

What type of tax is imposed on the sale of goods or services in the Philippines?

Back

Value-added tax

Front

What is the threshold for VAT registration in the Philippines?

Back

PHP 3 million

Front

Which document serves as proof of tax registration for businesses in the Philippines? Options: DTI Certificate, Mayor's Permit, Business License.

Back

BIR Form 2303

Front

What tax is imposed on the net income of corporations?

Back

Income tax

Front

Which type of income is exempt from income tax under the Philippine law? Options: Professional fees, Salaries over PHP 250,000, Passive income from abroad, Minimum wage earnings

Back

Minimum wage earnings