BIR Form No. 1902 and 2316 Policies Quiz

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What is the legal basis for the Tax Reform for Acceleration and Inclusion (TRAIN) law?

Republic Act 10963

Section 244 of the National Internal Revenue Code

Revenue Regulations No. 2-98

All of the above (correct)

What is the primary purpose of the TRAIN law?

To increase tax revenue for the government

To provide tax incentives for businesses

To reform the tax system for acceleration and inclusion (correct)

To simplify the tax filing process for individuals

Which of the following is NOT a key aspect of the TRAIN law?

Lowering personal income tax rates

Expanding the value-added tax (VAT) base

Reducing corporate income tax rates (correct)

Increasing excise taxes on certain goods

Which of the following provisions of the TRAIN law is related to the National Internal Revenue Code?

Amending certain provisions of the National Internal Revenue Code Signup and view all the answers

How does the TRAIN law impact the taxation of individuals?

It lowers personal income tax rates for certain income brackets Signup and view all the answers

Which government regulations are mentioned in the text as being amended by the TRAIN law?

Revenue Regulations No. 2-98 Signup and view all the answers

Which of the following is NOT one of the declared policies under the TRAIN Law?

To reduce the corporate income tax rate for businesses Signup and view all the answers

What is the final withholding tax rate for interest income from a peso bank deposit for a resident alien taxpayer?

20% Signup and view all the answers

Which of the following types of income is subject to the final withholding tax rates mentioned in the text?

Interest income Signup and view all the answers

What is the final withholding tax rate for interest income from a peso bank deposit for a non-resident alien engaged in trade or business?

25% Signup and view all the answers

Based on the text, what is the final withholding tax rate for interest income from a foreign currency deposit under the expanded FCDS for a resident taxpayer starting from January 1, 2018?

Exempt Signup and view all the answers

Which of the following statements accurately reflects the legal basis of the TRAIN Law?

To provide equitable relief to taxpayers and promote inclusive economic growth Signup and view all the answers

What is the primary purpose of the TRAIN Law?

To provide guidelines for tax withholding and remittance Signup and view all the answers

Which of the following income payments is not subject to final or creditable withholding taxes under the TRAIN Law?

Capital gains from the sale of real property Signup and view all the answers

According to the TRAIN Law, who is primarily responsible for deducting and withholding taxes from income payments?

The payer of the income Signup and view all the answers

What is the purpose of establishing exemptions to income tax payments under the TRAIN Law?

To provide relief for certain taxpayers or income types Signup and view all the answers

Which of the following is not a responsibility outlined in the TRAIN Law?

Establishing new tax rates for different income types Signup and view all the answers

According to the TRAIN Law, what is the primary purpose of income tax returns for payments withheld at source?

To reconcile the taxes withheld and remitted Signup and view all the answers

BIR Form No. 1902 and 2316 Policies Quiz

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