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Reviewer Tax

A domestic corporation is taxable on Philippine taxable income. A non-resident foreign corporation is subject to 30% tax on taxable income. A resident foreign corporation is subject to 10% tax on Philippine taxable income. Capital gains tax on the sale of land and/or buildings is an exception to no income tax if there is no income. Interest income from peso bank deposits is the only passive income excluded from the 20% final withholding tax. The MCIT is not due when the RCIT is greater than the MCIT. Resident and non-resident classifications do not apply to domestic corporations. A resident foreign corporation is a foreign corporation engaged in trade or business in the Philippines.

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54 views4 pages

Reviewer Tax

A domestic corporation is taxable on Philippine taxable income. A non-resident foreign corporation is subject to 30% tax on taxable income. A resident foreign corporation is subject to 10% tax on Philippine taxable income. Capital gains tax on the sale of land and/or buildings is an exception to no income tax if there is no income. Interest income from peso bank deposits is the only passive income excluded from the 20% final withholding tax. The MCIT is not due when the RCIT is greater than the MCIT. Resident and non-resident classifications do not apply to domestic corporations. A resident foreign corporation is a foreign corporation engaged in trade or business in the Philippines.

Uploaded by

exquisite
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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A domestic corporation is taxable on

Select one:
a. World taxable income
b. World gross income
c. Philippine taxable income

d. Philippine gross income

A non-resident foreign corporation is


Select one:
a. Subject to 30% tax on taxable income
b. Subject to 25% tax on gross income
c. Not subject to 30% tax on gross income

d. Never subject to 30% on gross income abroad

A resident foreign corporation is


Select one:
a. Subject to 10% on global taxable income
b. Subject to 10% tax on Philippine taxable income
c. Not subject to 30% tax on foreign income

d. Not subject to 30% on Philippine taxable income

As a rule, there is no income tax if there is no income. Which of the


following is the exception?
Select one:
a. Capital Gains Tax on sale of land and/or buildings
b. Capital Gains Tax on sale of share of stock outside the local stock exchange
c. Tax on passive income

d. Regular Corporate Income Tax

The following passive income shall be subject to 20% final


withholding tax, EXCEPT
Select one:
a. Interest income from peso bank deposit
b. Dividend income from another domestic corporation
c. Yield from deposit substitutes

d. Royalties

The MCIT is not due when


Select one:
a. MCIT is greater than RCIT
b. Taxable income is zero
c. Taxable income is negative

d. RCIT is greater than MCIT

The resident and non-resident classifications do not apply to


Select one:
a. Domestic corporation
b. Foreign corporation
c. Both domestic and foreign corporations

d. Neither domestic nor foreign corporations

The term applies to a foreign corporation engaged in trade or


business in the Philippines
Select one:
a. Resident Foreign Corporation
b. Multinational Corporation
c. Non-resident Foreign Corporation

d. Petroleum Contractor

Which is not a characteristic of corporate income tax?


Select one:
a. Progressive tax
b. General tax
c. Direct tax

d. National tax
Which of the following does not have the benefit of claiming
deductions in computing income tax?
Select one:
a. Domestic Corporation
b. Non-resident Foreign Corporation
c. Resident Foreign Corporation

d. All of the choices

Which of the following is taxable based on income from all sources,


within and without?
Select one:
a. Domestic Corporation
b. Non-resident Foreign Corporation
c. Resident Foreign Corporation

d. All of the choices


Geralene Inc. became subject to MCIT in 2015. MCIT and RCIT data through
the years were the following:

How much is the income tax due in 2015?


How much is the income tax due in 2016?

How much is the income tax payable in 2017?

How much is the income tax due in 2018?

How much is the income tax payable in 2019?

Assume the following data of Jacqueline Corporation for the current year:
How much is the income tax due if the taxpayer is a domestic corporation?
How much is the income tax due if the taxpayer is a resident foreign
corporation?

How much is the income tax due if the taxpayer is a non-resident foreign
corporation?

How much is the taxable income if the taxpayer is a domestic corporation?

Rebecca Corporation which commenced operations in 2014 provided the


following data:

How much is the income tax payable in 2018?


How much is the income tax payable in 2019?

How much is the income tax payable in 2020?

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