TCS 2024

Before EOPT, the timing of withholding is

• at the time the income has become payable

• at the time of payment or when the income payment is accrued or made payable, whichever comes first

• at the time of payment

• at the time of payment or when the income payment is accrued or made payable, whichever comes later

• None of the above

A withholding agent is not required to

• Register the payee within ten days from the date of withholding.

• Remit the tax withheld at the time prescribed by law and regulations.

• Deduct and withhold tax from all money payments subject to withholding tax.

• Furnish withholding tax certificates to recipient of income payments subject to withholding.

• None of the above

Which of the following is not subject to a creditable withholding tax?

• Non-licensed professional deriving gross sales of services above P100,000 in any 12-month period and/or SMW rates from lone payor

• Rental income on real property

• Royalty on books

• Professional receiving income from multiple payors and/or other source of income

• None of the above

Which of the following taxes are deductible as an expense from the taxpayer’s gross revenues?

• Expanded Withholding Tax of a Withholding Agent

• Value-Added Tax of a VAT-registered taxpayer

• Percentage Tax of a Non-VAT taxpayer

• Deficiency/Delinquency Taxes and Penalties paid to BIR

• All of the above

An invoice shall be valid for a period of ____ years from the date of ____.

• 5 years; printing

• 5 years; permit to use

• 3 years; permit to use

• 3 years; printing

• None of the above

A taxpayer may be subject to the following business tax:

• VAT only

• Percentage Tax only

• Both VAT and Percentage

• Either VAT or Percentage

• Neither VAT or Percentage

Upon the effectivity of “Ease of Paying Taxes Act,” the Official Receipts shall be replaced by Invoices.  Which of the following titles cannot be printed on the face of an invoice?

• Cash invoice

• Credit Invoice

• Service Invoice

• Official receipt invoice

• None of the above

Individual income taxpayers are exempt on 13th month and Other Benefits in an amount not exceeding

• P 82,000

• P 100,000

• P 50,000

• P 90,000

• None of the above

How many statement/s is/are correct?

I.                 A "sales or commercial invoice" is a written account of goods sold or services rendered indicating the prices charged therefor or a list by whatever name it is known which is used in the ordinary course of business evidencing sale and transfer or agreement to sell or transfer goods and services.

II.               A "receipt" is a written acknowledgment of the fact of payment in money or other settlement between seller and buyer of goods, debtor or creditor, or person rendering services and client or customer.

III.              A VAT invoice is the seller's best proof of the sale of goods or services to the buyer, while a VAT receipt is the buyer's best evidence of the payment of goods or services received from the seller. A VAT invoice and a VAT receipt should not be confused and made to refer to one and the same thing.

• One only, consisting of Statement 1.

• Two only, consisting of Statements 2 and 3.

• All statements.

• Two only, consisting of Statements 1 and 2.

• None of the above

If the retirement benefit is received by a qualified retiring employee pursuant to a Tax Qualified Plan under RA No. 4917, such retirement benefit is exempt from income tax and withholding tax provided that such retiring employee must be at least ____ years of age and has served his/her employer for at least ____ years.

• 60; 5

• 60; 10

• 50; 5

• 50; 10

• None of the above