WorksheetsMSME Tax Compliance Simplified
Total questions: 10
Worksheet time: 2mins
Basic Tax Compliance for MSMEs includes
Business Registration
Issuance of Sales Invoices or Official Receipts
Recording of Transactions in the registered books of accounts
Filing and payment of BIR returns
All of the above
MSMEs with annual income of Php 3,000,000 are not required to register with BIR.
True
False
How much is the income tax due of an individual taxpayer with annual revenue of Php 1,500,000 if he chose to the 8% option tax?
80,000
100,000
120,000
340,000
How much is the annual income tax due of a corporation with gross sales of Php 2,800,000 earned Php 700,000 gross profit and net taxable income of Php 300,000 for the year 2020?
10,500
60,000
75,000
204,000
Which revenue regulation clarify the penalty provisions under TRAIN Law for Attempt to Evade or Defeat Tax?
RMO 7-2015
RR 11-2018
RMO 7-2021
RR 13-2021
How much is the penalty for failure to Transmit Sales Data?
Penalty of 1/10 of 1% of annual net income as reflected in AFS for the second year preceding the current taxable year or Php Php 10,000 which ever is higher
Penalty of 1/10 of 1% of annual net sales as reflected in AFS for the second year preceding the current taxable year or Php Php 10,000 which ever is higher
Php 10,000
Php 1,000
Under CREATE Law, how much is the applicable regular corporate income tax (RCIT) Rate for MSMEs with Php 5,000,000 sales and total assets of Php 200,000,000 for the taxable year 2020?
20%
25%
27.5%
30%
Under TRAIN Law, income tax rates for individuals will be reduced starting
January 1, 2021
January 1, 2022
January 1, 2023
January 1, 2024
Expanded Withholding Tax for Professional Corporations or Partnership with Gross Annual Sales of Php 1,000,000 is
5%
10%
15%
20%
Taxpayers who opted to pay their taxes online can do so anytime of the day even beyond the tax deadline.
True
False
