BIR Form No. 1902 and 2316 Policies Quiz
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Questions and Answers

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?

<p>Amending certain provisions of the National Internal Revenue Code (A)</p> Signup and view all the answers

How does the TRAIN law impact the taxation of individuals?

<p>It lowers personal income tax rates for certain income brackets (C)</p> Signup and view all the answers

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

<p>Revenue Regulations No. 2-98 (D)</p> Signup and view all the answers

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

<p>To reduce the corporate income tax rate for businesses (A)</p> 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?

<p>20% (D)</p> 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?

<p>Interest income (D)</p> 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?

<p>25% (D)</p> 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?

<p>Exempt (A)</p> Signup and view all the answers

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

<p>To provide equitable relief to taxpayers and promote inclusive economic growth (C)</p> Signup and view all the answers

What is the primary purpose of the TRAIN Law?

<p>To provide guidelines for tax withholding and remittance (B)</p> 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?

<p>Capital gains from the sale of real property (C)</p> Signup and view all the answers

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

<p>The payer of the income (D)</p> Signup and view all the answers

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

<p>To provide relief for certain taxpayers or income types (B)</p> Signup and view all the answers

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

<p>Establishing new tax rates for different income types (C)</p> 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?

<p>To reconcile the taxes withheld and remitted (B)</p> Signup and view all the answers

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