REMOVALS PASADO CUTIE TAX

The share of a co-venturer corporation in the net income after tax of a joint venture or

consortium taxable as corporation is

• Subject to final withholding tax of 20%

• Subject to regular corporate income tax of 30%

• Exempt from income tax

• Subject to capital gains tax

Which of the following will disqualify a taxpayer in using the 8% income tax option?

• The taxpayer has gross sales/receipts of P3,500,000.

• The taxpayer is a registered self-employed individual.

• The taxpayer has a gross compensation income for the year.

• The taxpayer is registered as professional.

The common carrier’s tax is imposed on:

• Transport of cargoes by land

• Transport of passengers by land

• Transport of cargoes by sea within the Philippines

• Transport of passengers by air within the Philippines

Chromatica Corporation was incorporated in 2020. SEC issued its Certificate of Incorporation on June 30, 2020. Chromatica Corporation follows the calendar year. When will the imposition of the minimum corporate income tax commence?

• First quarter of 2023

• Third quarter of 2023

• First quarter of 2024

• Third quarter of 2024

In order to be subject to the requirements of VAT registration, a business must have:

• Gross sales or receipts, other than those that are exempt under Section 109,

  exceeding P3,000,000

• Gross sales or receipts, other than those that are exempt under Section 109, of at least

  P3,000,000

• Gross sales or receipts exceeding P3,000,000

• Gross sales or receipts of at least P3,000,000

What is the maximum entertainment and recreational expenses that may be claimed by provider of services?

• 2% of gross service revenues

• 0.5% of gross sales

• 1% of gross service revenues

• 1.5% of gross sales

Donations to public officials are void:

• If made to their parents and children.

• If made in consideration of their office.

• At all times.

• The statement is false. Donations to public officials are valid.

The salutary limitation or exemption of P250,000 for donor’s tax due is available to:

• All donors.

• Only resident citizens.

• Resident citizens and no-resident citizens only.

• Resident citizens, non-resident citizens, and resident aliens only.

1st statement – The power of taxation is absolute.

2nd statement – The power of taxation is subject to limitations

• 1st statement is true

• 2nd statement is true

• Both are true

• Both are false

1st statement - No person shall be deprived of life, liberty, or property without due process of

law.

nd statement – No person shall be denied equal protection of the law.

• 1st statement is true

• 2nd statement is true

• Both are true

• Both are false