← SetsTaxation — Set 3
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Taxation Practice Questions — Set 3
10 free Taxation reviewer questions with answers and explanations. Pindutin ang sagot mo para makita agad kung tama — kasama na ang paliwanag. Set 3 of 5.
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A domestic corporation had a gross income of ₱10,000,000 and allowed deductions of ₱11,000,000 for the current year. This is its fifth year of operations. How much is the income tax due for the year?
22
Which of the following describes the 'Global System' of income taxation as applied to resident citizens of the Philippines?
23
A taxpayer sells his principal residence for ₱5,000,000 and uses the proceeds to build a new one within 18 months. What is the requirement to exempt this sale from the 6% capital gains tax?
24
What is the 'Prescriptive Period' for the government to collect a tax that has been successfully assessed through a Final Assessment Notice (FAN) without any waiver?
25
Under the VAT system, what is the 'Deemed Sale' rule which requires a taxpayer to pay output VAT even if no actual sale transaction occurred?
26
A self-employed individual has a gross sales of ₱4,000,000 for the year. Which of the following statements is true regarding his tax obligations?
27
In the context of the Estate Tax, what is the 'Vanishing Deduction' (or Property Previously Taxed deduction) intended to achieve?
28
Which of the following is NOT a requisite for a business expense to be deductible from the gross income of a corporation or individual?
29
A domestic corporation received a dividend from another domestic corporation. What is the tax treatment of this inter-corporate dividend?
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