TAX UPDATES

The 10% preferential rate applies only to the for Proprietary Educational Institutions if it is a non-profit

• True

• False

Accreditation by any of the following is required for a Proprietary Educational Institutions to be generally subjected to preferential tax, except:

• BIR

• DepED

• ChED

• TESDA

Non-stock non profit educational institutions are generally

• exempt from paying income tax

• subject to 10% preferential tax

• subject to 1% preferential tax

• subject to 20 or 25% regular tax

Profit activities of non-stock, non-profit institutions are generally

• subject to regular taxes

• exempt from taxation

• subject to CWT

• subject to EWT

If income of a non-stock, non-profit educational institution exceeds 50%, it is subject to

• 10% preferential tax

• 20% regular tax

• 25% regular tax

• exempt from taxation

Grants received by an accredited NGO is a/an

• exclusion from gross income

• item of gross income

• a deduction from gross income

• taxable income

Rate of limitation of deduction on donations to a non-accredited NGO

• 5%

• 10%

• 15%

• 20%

Donation to an accredited NGO is

• deductible in full

• subject to 5% limit

• subject to 10% limit

• non-deductible

Accrediting agency for NGOs

• PCNC

• PICPA

• BIR

• SEC

New Commissioner of BIR

• Cesar Dulay

• Kim Henares

• Lilia Guillermo

• Benjamin Diokno