DAY 9 206

Imported goods directly admitted into Free Zones then subsequently withdrawn for Entry into customs territory shall be covered by a

• GOODS DECLARATION FOR CONSUMPTION

• GOODS DECLARATION FOR WAREHOUSING

• GOODS DECLARATION FOR TRANSIT

• GOODS DECLARATION FOR TRANSSHIPMENT

The admission, transit, withdrawal and export of goods from the free zone shall be governed by the rules and regulations jointly issued by the Bureau and the Free Zone Authorities

• False. Admission and withdrawal only

• False. It also Includes importation of goods

• True. Provided that the BOC shall coordinate with the governing authority of the free zone

• True. Provided that the SOF shall coordinate with the governing authority of the free zone

In case of sale or auction of goods by a free zone enterprise or locator to a buyer from customs territory, all the VAT due, if any on goods sold or auctioned shall be payable to the BOC

• VAT due and collected on imported goods by the locator plus VAT due on the actual selling or winning bid price of the goods sold or auctioned respectively, less the input VAT, if any

• VAT due and collected on imported goods by the locator less VAT due on the actual selling or winning bid price of the goods sold or auctioned respectively, plus the input VAT, if any

• VAT due and collected on imported goods by the locator plus VAT due on the actual selling or winning bid price of the goods sold or auctioned respectively, plus the input VAT, if any

• VAT due and collected on imported goods by the locator less VAT due on the actual selling or winning bid price of the goods sold or auctioned respectively, plus the input VAT, if any

Below are the objectives of CREATE ACT. Which of the following is not included:

• Improve the equity and efficiency of the corporate tax system by lowering the rate, widening the tax base, and increasing tax distortions and leakages.

• Develop a more responsive and globally competitive tax incentives regime that is performance-based, targeted, time-bound, and transparent.

• Provide support to business in their recovery from unforeseen events such as an outbreak of communicate diseases or a global pandemic, and strengthen the nation's capability for similar circumstances in the future.

• Create a more equitable tax incentive system that will allow for inclusive growth and generation of jobs and opportunities in all the regions of the country, and ensure access and ease in the grant of these incentives especially for applicants in least developed areas.

Export enterprise refers to any individual, partnership, corporation, Philippine branch of a foreign corporation, or other entity organized and existing under Philippine laws and registered with the Investment Promotion Agency to engage in manufacturing, assembling or processing activity, and services such as information technology (IT) activities and business process outsourcing (BPO), and resulting in the direct exportation, and/or sale of its manufactured, assembled or processed product or IT/BPO services to another registered export enterprise that will form part of the final export product or export service of the latter, of ___________ of its total production or output

• At least 70%

• Up to 70%

• Below 70%

• Max of 70%

Below are the conditions. Which of the is not included for the ecozone to qualify as a separate customs territory?

• for the ecozone to qualify as a separate customs territory, an ecozone shall have a permanent customs control at its perimeter

• for the ecozone to qualify as a separate customs territory, an ecozone shall have a permanent customs office at its perimeter

• areas where mining extraction is undertaken shall be declared as an ecozone

• vertical ecozones, such as, but not limited to, buildings, selected floors within buildings, and selected areas on a floor, need to comply with the minimum contiguous land area as determined by the Fiscal Incentives Review Board

For export enterprise, domestic market enterprise and critical domestic enterprise, the following may be allowed as deductions: Depreciation allowance of the assets acquired for the entity's production of goods and services (qualified capital expenditure) - additional ______ for buildings; and additional ___________ for machineries and equipment;

• ten percent (10%), twenty percent (20%)

• twenty percent (20%), ten percent (10%)

• Fifty percent (50%), One hundred percent (100%)

• One hundred percent (100%), Fifty percent (50%)

For export enterprise, domestic market enterprise and critical domestic enterprise, the following may be allowed as deductions: _________ additional deduction on the labor expense incurred in the taxable year;

• Fifty percent (50%)

• One hundred percent (100%)

• twenty percent (20%)

• ten percent (10%)

For export enterprise, domestic market enterprise and critical domestic enterprise, the following may be allowed as deductions: _______________ additional deduction on research and development expense incurred in the taxable year;

• One hundred percent (100%)

• Fifty percent (50%)

• twenty percent (20%)

• ten percent (10%)

For export enterprise, domestic market enterprise and critical domestic enterprise, the following may be allowed as deductions: _______________ additional deduction on training expense incurred in the taxable year;

• One hundred percent (100%)

• Fifty percent (50%)

• twenty percent (20%)

• ten percent (10%)