RECENT BIR ISSUANCES - PICPA SPC

When is the effectivity date of CREATE Law?

• April 11, 2021

• July 1, 2020

• January 1, 2021

• April 15, 2021

Sale of lot in the amount of Php 1 M by a real estate developer is

• subject to 12% rate

• VAT-exempt

• subject to 0% rate

• subject to percentage tax

The VAT threshold for the sale of house and lot by a realtor or developer beginning January 1, 2021 is

• 3,199,200

• 3,000,000

• 3,199,000

• 2,500,000

The 1% percentage tax reduction under CREATE Law applies only to corporations

• True

• False

General renunciation if categorically done in favor of identified heirs is generally

• subject to donor's tax

• exempt from donor's tax

• is not subject to donor's tax

• subject to income tax

The minimum fine for taxpayers who attempts to commit tax evasion is

• 500,000

• 1,000,000

• 10,000,000

• 5,000,000

BIR's chatbot's name is

• Revie

• Cedie

• Debie

• Credie

Estate Tax Amnesty is extended until?

• June 14, 2023

• June 15, 2023

• June 13, 2023

• June 12, 2023

What is the new tax rate for a domestic corporation whose taxable income is Php 3 Million and with reported Assets of Php 20 Million only excluding the land?

What is the new tax rate for a domestic corporation whose taxable income is Php 3 Million and with reported Assets of Php 20 Million only excluding the land?

• 20%

• 25%

• 30%

• 15%

CREATE Law is

• RA 11534

• RA 11963

• RA 14344

• RA 11569