L
It's an enforced collection of money for the government to functions
Taxation
This refers to any trick or any act that reduces or totally escapes taxes by any legally permissible means
Tax Avoidance
Classification of citizens that is taxable globally
Resident Citizens
Who is not subject to withholding tax on compensation
Minimum wage earners
Give some special corporate taxpayer
private school
This is the power of State to take private property for public use after paying just compensation
Eminent Domain
This is the money earned from an enterprise that has a little effort
Passive Income
Taxable or Not
Proceeds of Crop or livestock insurance
Not - ay maling sagot
A resident foreign corporation is taxable on
Ph Taxable inxome
If the 13th month pay and other benefits did not exceed 90K, what will happen
Exempt!!!!
these are accounting techniques or conventions used to measure income
Accounting methods
A Japanese who is staying in the PH for 183 days is a
Non Reisdent Alien Engaged in Business
State 3 examples of return OF capital
Life
Health
human reputation
Which cannot claim deduction from gross income?
NRC-EB
Fringe benefit tax is for???
Managerial and supervisory
The third quarter income tax return is due
Nov. 15 of the same year
When should individual income taxpayers submit their annual consolidated return
The resident and non resident classification do not apply to?
domestic corportion
True or False
The 6% capital gain tax is applicable to all individual taxpayers but it applies only to domestic corporation.
TRUE
TRUE OR FALSE
Regular income tax applies to all items of income and those that are subject to final tax, capital gain tax
FALSE
Except those that are subject to final tax, capital gain tax
Share of stocks maybe sold through?
PSE, or direct to the buyer
Every ____ is mandatorily required to charge 12% output tax on their sales or receipt.
VAT taxpayers
The regular corporate income tax is
30%
General final tax rate for non resident alien not engaged in trade
25%
What do you call the value prescribed by the BIR for real properties?
Zonal Value