← SetsTaxation — Set 2
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Taxation Practice Questions — Set 2
10 free Taxation reviewer questions with answers and explanations. Pindutin ang sagot mo para makita agad kung tama — kasama na ang paliwanag. Set 2 of 5.
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A domestic corporation realized a net capital gain of ₱500,000 from the sale of shares of stock in a domestic corporation directly to a buyer (not through the local stock exchange). What is the applicable capital gains tax rate?
12
Which of the following describes the 'Lifeblood Theory' in taxation, which serves as the primary justification for the government's exercise of the taxing power?
13
An individual taxpayer opted for the 8% Optional Income Tax on his gross sales/receipts. His total gross sales for the taxable year amounted to ₱2,000,000, and his non-operating income was ₱100,000. How much is his taxable income base for the 8% tax?
14
Under the CREATE Law, what is the 'Minimum Corporate Income Tax' (MCIT) base used to calculate the tax due when the normal income tax is lower than the MCIT?
15
A taxpayer received a Final Assessment Notice (FAN) from the BIR on March 1. He wants to protest the assessment. Within how many days from receipt must he file a formal protest/request for reconsideration?
16
Which of the following is an example of a 'Tax Avoidance' scheme, which is considered a legal and permissible means of reducing tax liability?
17
A non-resident alien NOT engaged in trade or business (NRANETB) in the Philippines earned a dividend of ₱100,000 from a domestic corporation. What is the applicable final withholding tax rate?
18
What is the standard VAT rate applied to the sale of services in the Philippines, provided the service is not specifically zero-rated or exempt?
19
Under the TRAIN Law, how much is the 'Standard Deduction' allowed for the estate of a citizen or resident decedent without the need for substantiation?
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