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Questions and Answers
Which of the following individuals is taxable on income earned from all sources in the Philippines?
Which of the following individuals are taxable on income earned from all sources?
Which of the following individuals is taxable on income earned from all sources in the Philippines?
If a non-resident alien is engaged in trade or business in the Philippines, which sources of income are taxable?
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When is a non-resident alien engaged in trade or business in the Philippines taxable on income earned?
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When is a non-resident alien engaged in trade or business in the Philippines taxable on income earned?
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Where is merchandising income taxable?
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Where is merchandising income taxable?
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Merchandising income is taxable where?
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Where is the interest income earned from a collateralized debt by a non-resident citizen taxable if the property is located in Japan?
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If a non-resident citizen earns interest income from lending money that is collateralized by a property in Japan, where is the interest income earned?
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If a non-resident citizen lends money to a resident Chinese and the indebtedness is collateralized by a property located in Japan, where is the interest income earned?
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Are gains on sale of goods manufactured and sold within the Philippines subject to tax?
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When are gains on the sale of goods manufactured and sold within the Philippines subject to tax?
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Where is gains on sale of goods manufactured and sold by the taxpayer within the Philippines subject to tax?
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Yvonne, a resident alien, exported a car manufactured in the Philippines to Carla, a non-resident citizen, and made a gain. Is the gain subject to tax in the Philippines?
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Yvonne, a resident alien, bought a car manufactured in the Philippines and exported the same at a gain to Carla, a non-resident citizen. Is the gain taxable in the Philippines?
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Is the gain earned from exporting a car manufactured in the Philippines to a non-resident citizen taxable in the Philippines?
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Why is the gain earned from the sale of a lot in the Philippines to a non-resident alien in Japan subject to Philippine tax?
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Juan, a resident alien, sold a lot owned by him in the Philippines to Pedro, a non-resident alien, under a contract of sale executed in Japan. Is the gain subject to Philippine tax?
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Why is the gain subject to Philippine tax if Juan, a resident alien, and Pedro, a non-resident alien, executed a contract of sale in Japan whereby Pedro shall purchase the lot owned by Juan in the Philippines?
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When is ABC, Inc. required to withhold tax on the sale of shares of stock to a buyer?
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When does ABC, Inc. need to withhold tax on the sale of shares of stock?
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When does ABC, Inc. need to withhold tax when selling shares of stock?
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Study Notes
income from investments in a tax-exempt entity d. All of these are specifically exempted from income taxation.1. Which of the following is taxable on income earned from all sources? a. Resident citizen b. Non-resident citizen c. Resident alien d. All of these
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A non-resident alien engaged in trade or business in the Philippines is taxable on income earned from: a. All sources b. Sources within the Philippines only c. Sources outside the Philippines only d. None of these
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Merchandising income is taxable where: a. The goods are manufactured b. The goods are sold c. The goods are stored d. All of these
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Pedro, a non-resident citizen, lent money to Shino, a resident Chinese. The indebtedness was collateralized by a property located in Japan. The interest income is earned in: a. The Philippines b. China c. Japan d. Japan, China, and the Philippines
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Gains on sale of goods manufactured and sold by the taxpayer within the Philippines is subject to tax: a. Wherever sold b. If sold abroad only c. Without the Philippines only d. Within the Philippines only
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Yvonne, a resident alien, bought a car manufactured in the Philippines and exported the same at a gain to Carla, a non-resident citizen. The gain is: a. Subject to tax in the Philippines since the commodity involved is manufactured in the Philippines b. Subject to tax in the Philippines since the buyer is a citizen of the Philippines c. Both subject to tax in the Philippines and abroad since the commodity involved is manufactured in the Philippines d. Taxable abroad because it is sold abroad
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Juan, a resident alien, and Pedro, a non-resident alien, executed a contract of sale in Japan whereby Pedro shall purchase the lot owned by Juan in the Philippines. The gain is subject to Philippine tax because: a. The gain is exempt since it is derived outside the Philippines b. Juan is a resident alien c. The property is in the Philippines d. Pedro is a non-resident alien
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ABC, Inc. sold shares of stock to a buyer. Which is true? a. ABC, Inc. shall withhold 10% if the buyer of the sale is a corporation b. ABC, Inc. shall withhold 10% if the buyer of the sale is an individual c. ABC, Inc. shall not withhold any tax d. None of these
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Which is covered by final tax? a. Interest income from foreign banks b. Share in the net income of a joint venture c. P10,000 taxable prizes from the Philippines d. Share in the net income of a general professional partnership
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Which is not subject to 20% final tax? a. Interest income from trust funds b. Royalties from musical compositions c. P11,000 worth of prizes d. Winnings
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Which is not subject to 10% final tax? a. Royalties from literary works b. Dividends from a domestic corporation c. Share in the net income of a business partnership d. Royalties from a business trademark
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Which of the following is taxable? a. Prize on sport competitions sanctioned by the national sports organization b. Prize from dance competition abroad c. Nobel prize d. Any prize received without effort
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Description
Test your knowledge on Philippine taxation laws with this quiz! From taxable income sources to final tax coverage, this quiz covers a range of topics that will challenge your understanding of tax regulations in the Philippines. Whether you're a student studying taxation or just looking to expand your knowledge, this quiz is a great way to test your expertise. So get ready to dive into the world of Philippine taxation and see how much you really know!
