REVIEW OF INCOME TAXATION

Interest earned by lending company is

• active income subject to regular tax

• passive income subject to final tax

Interest earned by a bank is subject to

• regular tax

• final tax

Interest income earned by a depositor is

• subject to final tax

• subject to regular tax

Non-operating income are generally subject to

• regular tax

• final tax

• business tax

• exempt

Sale of real property classified as ordinary asset is subject to

• CWT 6%

• CGT 6%

• CGT 15%

• 1.5%

Raffle prizes during Christmas party in the amount of Php 1,000 is subject to

• Regular tax

• Final tax

• Exempt

• 12% VAT

Net income of a domestic corporation is Php 1 Million. Total asset is Php 1 Million. The corporate tax rate to be used is?

• 20%

• 25%

• 1%

• 3%

The partners divided the profit of their partnership. The share of the partner is treated as

• Dividends

• Interest income

• Gross income from trade

• Royalty

Rate of tax by Nicanor who won a cash prize of Php 1.00

• graduated tax

• Exempt

• 10%

• 20%

Which is true in taxation of Informer's Reward?

• 10% rate on amount collected

• 10% rate on amount assessed

• 10% of amount collected or 1M whichever is lower

• 10% of amount collected or 1M whichever is higher