FABM2 Quiz on Income Taxation

Which of the following is not a type of business tax in the Philippines?

• Value Added Tax (VAT)

• Income Tax

• Corporate Tax

• Property Tax

Who is responsible for collecting national taxes in the Philippines?

• Securities and Exchange Commission (SEC)

• Bureau of Internal Revenue (BIR)

• Department of Trade and Industry (DTI)

• Department of Finance (DOF)

What percentage of VAT is applied to goods and services in the Philippines?

• 10%

• 12%

• 15%

• 20%

Which of the following taxes is based on a business's net income?

• VAT

• Percentage Tax

• Corporate Income Tax

• Excise Tax

What is the current Corporate Income Tax rate for domestic corporations in the Philippines?

• 20%

• 25%

• 30%

• 35%

Only corporations are required to pay business taxes in the Philippines.

Individuals with an annual income below PHP 250,000 are exempt from income tax in the Philippines.

VAT is applicable only to large businesses in the Philippines.

Percentage tax is an alternative to VAT for small businesses that meet certain criteria.

Self-employed professionals, such as doctors, must pay both income tax and business tax.