How well do you know national internal revenue taxes?
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Questions and Answers

What is the tax rate for interest income from local banks?

  • 25%
  • 15%
  • 30%
  • 20% (correct)

    • Which type of business entity is exempted from income taxation?

  • Single proprietorship
  • General Professional Partnership (correct)
  • Corporation
  • Partnership

    • Which tax is imposed on the right to make gratuitous transfer of one's property to other person?

  • Documentary Tax
  • Transfer Tax (correct)
  • Donor's Tax
  • Estate Tax

    • What is the tax rate for the sale of real properties under CGT?

    <p>6%</p> Signup and view all the answers

    Which type of income is exempted from income taxation?

    <p>General professional partnership income</p> Signup and view all the answers

    What is the difference between Estate Tax and Donor's Tax?

    <p>Estate tax applies to mortis-causa donations while Donor's tax applies to inter-vivos donations</p> Signup and view all the answers

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