← SetsTaxation — Set 4
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Taxation Practice Questions — Set 4
10 free Taxation reviewer questions with answers and explanations. Pindutin ang sagot mo para makita agad kung tama — kasama na ang paliwanag. Set 4 of 5.
31
A non-resident citizen of the Philippines works as an OFW in Singapore. He earned ₱2,000,000 from his job there and ₱500,000 from a rental property he owns in Manila. How much of his income is subject to Philippine income tax?
32
Which of the following is considered a 'Taxable Gift' for donor's tax purposes when a property is sold for less than its fair market value?
33
A VAT-registered taxpayer has ₱1,000,000 in output VAT and ₱1,200,000 in creditable input VAT for the quarter. What is the tax consequence for this taxpayer?
34
What is the 'Fringe Benefit Tax' (FBT) rate imposed on the grossed-up monetary value of fringe benefits furnished to managerial or supervisory employees?
35
Under the CREATE Law, how long is the 'Net Operating Loss Carry-Over' (NOLCO) period for losses incurred in the years 2020 and 2021 as a relief measure?
36
Which of the following is an example of an 'Administrative Feasibility' principle in a sound tax system?
37
A taxpayer is being audited and receives a 'Preliminary Assessment Notice' (PAN). He disagrees with the findings. How many days does he have to respond to the PAN before a FAN is issued?
38
Under the VAT Law, which of the following transactions is specifically 'Zero-Rated' (0% VAT) for a VAT-registered taxpayer?
39
A domestic corporation incurred ₱2,000,000 in 'Representation and Entertainment' expenses during the year. Its net sales for the year was ₱100,000,000. How much is the deductible amount for this expense?
40