← SetsTaxation — Set 1
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Taxation Practice Questions — Set 1
10 free Taxation reviewer questions with answers and explanations. Pindutin ang sagot mo para makita agad kung tama — kasama na ang paliwanag. Set 1 of 5.
1
A resident citizen of the Philippines earned interest income from a long-term deposit with a local bank. The deposit was maintained for a period of five (5) years and six (6) months. What is the applicable final tax rate on this interest income?
2
ABC Corporation, a domestic corporation, has total assets of ₱80,000,000 (excluding the land on which the office is situated) and a net taxable income of ₱4,000,000 for the current taxable year. Under the CREATE Law, what is the applicable Corporate Income Tax (CIT) rate for ABC Corporation?
3
Which of the following scenarios would result in a 'zero-rated' VAT transaction rather than a 'VAT-exempt' transaction for a VAT-registered taxpayer?
4
A taxpayer filed his 2023 Annual Income Tax Return on April 15, 2024. On June 1, 2024, he discovered an error and filed an amended return which substantially changed the tax liability. If there is no fraud involved, when is the last day for the BIR to issue an assessment?
5
Mr. Cruz donated a parcel of land to his best friend. The fair market value of the land at the time of donation was ₱1,000,000. Under the TRAIN Law, how much is the donor's tax due if this is the only donation made by Mr. Cruz during the calendar year?
6
Which of the following is considered a 'De Minimis' benefit that is exempt from both income tax and withholding tax on compensation?
7
A VAT-registered merchant sells a laptop for ₱50,000 (exclusive of VAT). The buyer pays the full amount. How much should the merchant remit as Output VAT for this specific transaction?
8
Under the CREATE Law, what is the default Minimum Corporate Income Tax (MCIT) rate for domestic corporations, which was temporarily reduced but has now reverted to its original rate?
9
A decedent died leaving a gross estate of ₱15,000,000. The estate includes a Family Home valued at ₱12,000,000. Under the TRAIN Law, how much can the estate deduct as the 'Family Home' allowance?
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