WorksheetsTax Quiz_Webinar on Relevant Tax Updates June 22, 2022
Total questions: 10
Worksheet time: 11mins
Under RA 11524 otherwise known as CREATE Act, these are considered as separate customs territories
Freeport Zones and Economic Zones
Freeport Zones
Economic Zones
None of the above
This shall refer to the naturally occurring mixture of compounds of hydrogen and carbon with a small portion of impurities.
Petroleum Products
Gas
Petroleum
Diesel
It refers to any private school maintained and administered by private individuals or groups with an issued permit to operate from the DepEd, CHED, or the TESDA, as the case may be, in accordance with existing laws and regulations.
Proprietary Educational Institution
Non-stock and Non-profit (NSNP) Educational Institution
Government Educational Institution
None of the above
All educational institutions are required to comply with the following, except one:
Register with the BIR, both primary and secondary
Issue receipts/invoices
File tax returns
Secure Certificate of Income Tax Exemption
What is the income tax rate applicable for Proprietary Educational Institution pursuant to CREATE Act?
10%
1%
20%
25%
If the gross income of the domestic corporation proprietary educational institution - including NSNP educational institution in the preceding paragraph insofar as its revenues or income not used actually, directly and exclusively for educational purposes are concerned - from 'unrelated trade, business or other activity exceeds fifty percent (50%) of the total gross income it derived from all sources, what is the applicable income tax rate?
10%
1%
20% or 25%
20%
Which of the following statement is correct?
To avail of the exemption, the taxpayer must not factually prove that its income or revenues are used actually, directly and exclusively for educational purposes, and that no net income or asset accrues to the benefit of any member of the corporation.
If the GEI has a charter and the charter expressly provides that it is exempt from taxes, then such GEI is exempt from applicable taxes as may be provided in the aforesaid charter.
An educational institution shall not be constituted as a withholding agent for the government if it acts as an employer and its employee/s receive compensation income subject to Withholding Tax under Section 79(A) of the Tax Code, as amended, or if it makes income payments to individuals or corporations subject to Withholding Tax pursuant to Section 57 of the Tax Code, as amended.
NSNP educational institutions shall be subject to any creditable or final Withholding Tax on their revenues and assets used actually, directly and exclusively for educational purposes as provided under the Constitution.
1. In the regular conduct of business, all educational institutions shall issue duly registered receipts or sales/commercial invoices showing the date of transaction, quantity, unit cost and description of merchandise or nature of service for each sale or transfer of merchandise or for services rendered valued at one-hundred pesos (PI00.00) or more.
2. An educational institution shall be constituted as a withholding agent for the government if it acts as an employer and its employee/s receive compensation income subject to Withholding Tax under Section 79(A) of the Tax Code, as amended, or if it makes income payments to individuals or corporations subject to Withholding Tax pursuant to Section 57 of the Tax Code, as amended.
Both statements are True.
Both statements are False.
1st Statement is True and 2nd Statement is False.
1st Statement is False and 2nd Statement is True.
Certain gifts or donations in favor of an NSNP educational institution may be exempt from Donor's Tax, subject to the condition that not more than thirty percent (30%) of said gifts shall be used by the donee institution for administration purposes.
True
False
Uncertain
none of the above
It refers to a public university or college that is fully owned and subsidized by the government.
Proprietary Educational Institution
Non-stock and Non-profit Educational Institution
Government Educational Institution
Domestic Corporation
