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WorksheetsWEBINAR ON RELEVANT TAX UPDATES_MAY 31, 2022
Total questions: 10
Worksheet time: 14mins
Under Section 248 (A) of the Tax Code, as amended, in addition to the tax required to be paid, a penalty equivalent to twenty-five percent (25%) of the amount due shall be imposed in the following cases, except for:
Failure to file any return and pay the tax due thereon as required under the provisions of this Code or rules and regulations on the date prescribed; or
Unless otherwise authorized by the Commissioner, filing a return with an internal revenue officer other than those with whom the return is required to filed; or
Failure to pay the deficiency tax within the time prescribed for its payment in the notice of discrepancy; or
Failure to pay the full or part of the amount of tax shown on any return required to be filed under the provisions of this Code or rules and regulations, or the full amount of the tax due for which no return is required to be filed, on or before the date prescribed for its payment.
Pursuant to RMC No. 43-2022, which of the following statements is correct?
The 25% surcharge shall NOT be imposed to an amendment of a tax return if the taxpayer was able to file the initial tax return on or before the prescribed due date for its filing
The 25% surcharge shall NOT be imposed on a tax deficiency found during audit if the particular tax return being audited was found to have been filed beyond the prescribed period or due date
The 25% surcharge shall be imposed for failure to pay the deficiency tax within the time prescribed for its payment in the notice of discrepancy
The 25% surcharge shall NOT be imposed for filing a return with an internal revenue officer other than those with whom the return is required to filed
As provided under RMC No. 46-2022, when is the deadline for submission of attachments to the electronically filed Annual Income Tax Return covering calendar year 2021?
April 30, 2022
May 16, 2022
April 18, 2022
May 31, 2022
This refers to any private schools maintained and administered by private individuals or groups, with an issued permit to operate from the DepEd or the CHED or the TESDA, as the case may be, in accordance with existing laws and regulations.
Proprietary Educational Institutions
Non-Stock, Non-Profit Educational Institutions
Stock Corporations
Non-stock Corporations
Those organized not as a stock corporation; characterized generally, as organized for purposes other than profit; income earned are not so distributed but used to further its own purposes; composed of members; and governed by what is generally called a Board of Trustees (BOT).
Stock Corporations
Non-stock Corporations
Non-Stock, Non-Profit Educational Institutions
Non-profit
The following institutions shall be covered by the preferential ten percent (10%) corporate income tax rate; Provided, that beginning July 1,2020 until June 30,2023, the rate of one percent (1%) shall apply, as imposed under Section 27 (B) of the NIRC, as amended, except for:
Proprietary Educational Institutions
Hospitals which are non-profit
Non-Stock, Non-Profit Educational Institutions whose net income or assets accrue/inure to or benefit any member or specific person
Resident Foreign Corporations
Beginning July 1, 2020 until June 30, 2023, the rate applicable to the (1) Proprietary Educational Institutions; (2) Hospitals which are non-profit; and, (3) Non-Stock, Non-Profit Educational Institution is the preferential __________ corporate income tax rate.
10%
1%
20%
5%
It means any trade, business or other activity, the conduct of which is not substantially related to the exercise or performance by such educational institutions or hospitals of its primary purpose or function.
Unrelated Trade, Business or Other Activity
Stock Corporations
Non-stock Corporations
Non-profit
As provided by the laws governing privileges for Senior Citizens and Persons with Disabilities, both shall be granted the following privileges - 20% discount (VAT-exempt) on the following purchase of goods and services, except for:
medicines and medical supplies subject to the Guidelines of DOH Administrative Order No. 2012-0007 as amended
professional fees of attending physician/s in all private hospitals, medical facilities, outpatient clinics and home health care services
professional fees of licensed professional health providing home health care services
Basic Necessities
Which of the following statements is correct?
ln the purchase of goods and services which are the subject of promotional discount, the Senior Citizen and the Person with Disability can avail of the establishment's offered discount, as permitted by DOH, DTI or other appropriate government agencies, or the 20% VAT exemption or the 5% special discount provided herein, whichever is higher/more favorable and applicable.
The Senior Citizen do not need to present his/her Senior Citizen lD issued by the OSCA in the city or municipality where the senior citizen resides, or any Government-issued lD, which reflects the name, picture, date of birth and nationality of the senior citizen, and other pertinent requirements as prescribed in the succeeding provisions of this JMC to avail of the privileges.
The senior citizen/Person with Disability can not authorize any person of his/her choosing through an authorization letter duly signed by the senior citizen/person with disability.
Any individual or business establishment (hereafter referred to as "respondent") who fails or refuses to observe the statutory discount afforded to Senior Citizens and Person with Disability may not be held liable for the penalties provided by law.
