HOULD BE PHILIPPINES BASED 1. What are the ordinary and capital assets?
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- Which of the following is not an exclusion from gross income? A. Income of government propertiesB. Income taxes collected by the BIRC. SSS benefitsD. Dividend income payable to a foreign governmentMultiple choice: Topic: Income Taxation Which of the following gain is subject to capital gains tax? * Gain on sale of domestic bonds considered as capital asset. Gain on sale of real property considered as capital asset which is located in the Philippines. Gain on sale of foreign stocks not traded through the stock exchange All of the above Both a and b only37. Sale of an capital assets is subject to * a. Regular Income tax b. Capital Gains Tax c. Excise Tax d. Final income Tax 38. Which is not a Exempt Interest Income * a. Interest income from long-term deposit or investment in the form of savings, common or individual trusty funds, deposit substitute, and other investments. b. Interest income derived from loans, bonds, and other domestic securities and deposits in banks in the Philippines by foreign governments c. Interest income from Foreign currency deposit units deposits of non-resident individuals and corporations. d. Interest Income from deposits in Bank
- Which of the following income is subject to capital gains taxation? * a. Income from sale of personal jewelry b. Income from sale of domestic stocks by a dealer c. Income from sale of domestic stocks sold directly to buyer by a non-dealer d. Income from sale of land located in the Philippines and considered as inventory8. Imposed on dividend, interest, and royalty payments to foreign investors. This is: a. Border tax b. Transfer tax c. Withholding tax d. Value-added tax.Which of the following is not subject to capital gains tax? a) Sale of aparment units owned by Repan Corporation b) Sale of a building by a real estate dealer. c) Sale of domestic stocks through the Philippine stock exchange. d) All of the above
- MC Topic: Income Taxation Identify a false statement: * Capital Gains Tax is a tax imposed on the gains realized by the seller from the sale, exchange, or other disposition of certain capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. Under NIRC, the capital gains tax on the sale of domestic stocks sold directly to buyer is a final tax. Under NIRC, The capital gains tax on the sale of real property located in the Philippines and classified as capital asset is a final tax. None of the above All of the above1. Consult the relevant proclamations and regulations to discuss elaborately how the following types of income are taxed in Ethiopia Royalties Income from rendering of technical services Income from game of chance Income from Dividends Income from casual rental of property Interest income on deposits Gain on transfer of certain investment property 2. Briefly discuss the procedure for withholding income tax on payments 3. Describe briefly the tax declaration and assessment procedures for category A and category B business income tax payers.5. Assume Rosas Company is a resident foreign corporation using OSD, determine the amount of OSD to be used to arrive at Net Income before tax.
- . Calculation of Net U.S. Tax Liability (on foreign source income)Can you give one example of tax avoidance and what its effect on the tax collection of the country?It is talking about Hong Kong Tax, Special Business, Calculating Profit tax of financial insituition. Can you please explain the relationship between S.14, S.15 (i), D7/84 and the interpretation on S.15(1)(i) below and provide a simple exmaple to explain the relationship. D7/84 ◦ The sequence in determining the taxability of interest income of an FI: Consider s.14(1) first If not chargeable under s.14(1), then consider s.15(1)(i) ◦ Interpretation on s.15(1)(i): (a) if the place where the funds are made available is a factor in determining source under s.14; and (b) if under s.14 it is decided that the interest is not subject to Hong Kong tax Then the matter must be viewed again under s.15(1)(i) but this time the place where the funds were provided is to be disregarded as a factor in determining the source of the interest