Senior Citizen & PWDS
Statement 1: Toll Fees are not subject to the 20% discount.
Statement 2: Cigarettes/cigars are the food or essential items deemed subject to the 20% discount.
a. Statement 1 is true
b. Statement 2 is true
c. Both statements are true
d. Both statements are false
a. Statement 1 is true
Services include those rendered by anyone, who is duly licensed by the government is qualified in the BMBEs. True or false?
FALSE.
These are selected areas that has the potential to be developed into agro-industrial, industrial tourist, commercial, banking investment, and financial centers.
a. Ecosystem
b. Ecozing
c. Ecozones
d. Ecotones
c. Ecozones
BOI:
Below are the fiscal incentives of a BOI registered company, except:
a. Tax Credits
b. Income Tax Holiday
c. Unrestricted use of consigned equipment
d. Additional deduction from taxable gross income
c. Unrestricted use of consigned equipment
Which statement is correct?
a. Double taxation is the multiple imposition of tax burden on the sme object or subject.
b. Direct Double Taxation is prohibited
c. Indirect double taxation is not prohibited.
d. All of the above
d. All of the above
Statement 1: Advance booking for domestic travel via air or sea is not subject to the 20% discount.
Statement 2: Senior citizens and Persons with disabilities are exempt from VAT on all of their purchases.
a. Statement 1 is false
b. Statement 2 is false
c. Both statements are true
d. Both statements are false
d. Both statements are false
The following are institutions that contribute to the technological advancements of BMBEs except:
a. Cooperative Development Authority (CDA)
b. Privatization and Management Office (PMO)
c. Technology and Livelihood Resource Center (TLRC)
d. Technical Education and Skills Development Authority (TESDA)
b. Privatization and Management Office (PMO)
This refers to a tract of land subdivided and developed according to a comprehensive plan under a unified continuous management and with provisions for basic infrastructure and utilities, with or without pre-built standard factory buildings and community facilities for the use of the community of industries.
a. INDUSTRIAL SECTORS
b. INDUSTRIAL ESTATES
c. INDUSTRIAL ZONES
d. none of the above
b. INDUSTRIAL ESTATES
BOI:
The primary agency tasked by the government to promote investments in the Philippines.
Board of Investments (BOI)
Which of the following methods used to eliminate or mitigate the effect of indirect double taxation?
a. Tax exemption (i.e. based on treaties)
b. Tax Credit (i.e. deductible from tax due)
c. Deduction from the tax base
d. All of the above
d. All of the above
Statement 1: If the gross income earned by a Senior Citizen or Person with Disabilities during the year does not exceed 250,000 as provided under RA No. 10963 (Train law), s/he shall be exempt from income tax and shall not be required to file an income tax return.
Statement 2: Senior citizens and Persons with disabilities are entitled to 20% discount certain purchases.
a. Statement 1 is true
b. Statement 2 is true
c. Both statements are true
d. Both statements are false
c. Both statements are true
Complete the statement: In availing incentives, once the Certificate/s of _________ is/are secured, the applicant must submit the same to the BIR and apply for Income Tax Exemption.
a. Permit
b. Authority
c. Operation
d. All of the above
b. Authority
The ECOZONE shall be managed and operated by?
PEZA as separate customs
TAX INCENTIVES:
It is the sales, receipts and other income derived from non-registered project or activity shall be subject to appropriate taxes imposed under the Tax Code: ______ OF NON-REGISTED PROJECT OR ACTIVITY
a. Sales
b. Appropriation
c. Authorization
d. None of the above
D.
Should be: TAXATION OF NON-REGISTED PROJECT OR ACTIVITY
When and who shall file a Tax Treaty Relief Application (TTRA)? Keywords are accepted.
a. Nonresident foreign corporation or individual shall file a TTRA when withholding agent/income payor uses the regular rate.
b. Resident foreign corporation or individual shall file a TTRA when withholding agent/income payor uses the regular rate.
c. Domestic corporation or individual shall file a TTRA when withholding agent/income payor uses the regular rate.
d. None of the above
a. Nonresident foreign corporation or individual shall file a TTRA when withholding agent/income payor uses the regular rate.
Statement 1: Private entities that will employ senior citizens/disabled persons as employees shall be entitled to an additional deduction from their gross income.
Statement 2: If the returnable income of a Senior Citizen or Person with Disabilities is in the nature of compensation income but qualifies as a minimum wage earner under RA No. 9504, shall still be liable for the income tax on the said compensation income subject to the rules provided under RR 10-2008 applicable to minimum wage earners.
a. Statement 1 is false
b. Statement 2 is false
c. Both statements are true
d. Both statements are false
b. Statement 2 is false
The DOF Department Order No. __-04 also provides that, an enterprise can only qualify for registration if it is not a branch, subsidiary, division or office of a large scale enterprise and its policies and business modus operandi are not determined by a large scale enterprise.
a. 18
b.19
c. 16
d. 17
d. 17
The Special Economic Zone of 1995 is otherwise known as:
a. RA 7691
b. RA 7961
c. RA 7619
d. RA 7916
d. RA 7916
TAX INCENTIVES:
How many percent can manufacturing businesses can deduct of their reinvested profits from their taxable income for five years if they invest in projects on the strategic investment priority plan?
a. 30%
b. 50%
c. 25%
d. 35%
b. 50%
The imposition of estate tax by the National Government and Local transfer taxes by the Local Government Units (LGUs) on the same properties is an example of Direct Double Taxation. Is this true or false?
FALSE. It is an example of indirect double taxation.
Statement 1: The input tax attributable to the vat exempt sale is considered as cost or an expense account by business establishments and shall be allowed as input tax credit.
Statement 2: Double discount deduction rule can be applied in certain purchases.
a. Statement 1 is true
b. Statement 2 is true
c. Both statements are true
d. Both statements are false
d. Both statements are false
BMBE registration is set only for ___ years then renewal is needed.
a. three
b. four
c. five
d. two
d. two
In lieu thereof, five percent (5%) of the gross income earned by all business enterprises within the ECOZONE shall be paid and remitted as:
___% to the National Government
___% which shall be directly remitted by the business establishments to the treasurer's office of the municipality or city where the enterprise is located.
a. 3 ; 2
b. 4; 1
c. 1; 4
d. 2 ; 3
A. 3% to the National Government
2% which shall be directly remitted by the business establishments to the treasurer's office of the municipality or city where the enterprise is located.
BOI or PEZA:
What are their similarities and differences? Keywords are accepted.
BOI and PEZA offers similar incentives. Their differences are: PEZA requires the business to be located at PEZA Ecozone while BOI does not include any restriction on business location.
When was the fifth (5th) published update of the OECD Model Tax Convention?
a. 2001
b. 2002
c. 2007
d. 2000
d. 2000