Jeopardy Game: Let's Break the Ice

Introduction

100

This is the lawful arrangement of financial activities to reduce tax liabilities without violating tax laws.

Legal tax planning

200

OSC or OPC:
Separate Juridical Personality and upholding of Limited Liability Rule is the General Rule.

OSC

300

This is an entity created primarily to own shares in subsidiaries and control investments

Holding Company

True or False

100

True or False:
Holding companies receive tax-free intercompany dividends under the tax code, as amended?

True

200

True or False:
Failure to register as a VAT taxpayer despite breaching the threshold will lead to corresponding penalties, liability for unpaid output VAT, and the denial of input VAT claims.

True

300

True or False: Business Income has lesser potential for tax savings than passive income.

False

Enumeration

100

What does P&A stand for?

P&A Grant Thornton

200

Give two pillars of Legal Tax Planning

Tax Savings through Compliance
Tax Savings through Structural Planning
Tax Savings through Government Incentives
Tax Savings through Statutory Threshold Management

300

When an entity exceeds the 3M threshold, there are tax implications. Give at least one.

Mandatory VAT Registration
Cannot avail 8% income tax
VAT invoice required
Net income computation required