Podcast
Questions and Answers
What is the primary function of the Bureau of Internal Revenue (BIR) with regards to national internal revenue taxes, fees, and charges?
What is the primary function of the Bureau of Internal Revenue (BIR) with regards to national internal revenue taxes, fees, and charges?
The assessment and collection of all national internal revenue taxes, fees, and charges.
What is the scope of the BIR Commissioner's power to interpret tax laws?
What is the scope of the BIR Commissioner's power to interpret tax laws?
Subject to review by the Secretary of Finance.
What is the exclusive appellate jurisdiction of the Court of Tax Appeals (CTA)?
What is the exclusive appellate jurisdiction of the Court of Tax Appeals (CTA)?
Refunds of internal revenue taxes, fees or other charges, penalties imposed in relation thereto, or other matters arising under the Code or other laws or portions thereof administered by the BIR.
What is the purpose of the BIR's power to make assessments and prescribe additional requirements?
What is the purpose of the BIR's power to make assessments and prescribe additional requirements?
Signup and view all the answers
What is the classification of taxes based on the manner of collection?
What is the classification of taxes based on the manner of collection?
Signup and view all the answers
What is the scope of the BIR's supervisory and police powers?
What is the scope of the BIR's supervisory and police powers?
Signup and view all the answers
What is the primary factor that contributes to the gradual diminution in the useful value of tangible property, resulting in depreciation?
What is the primary factor that contributes to the gradual diminution in the useful value of tangible property, resulting in depreciation?
Signup and view all the answers
Which method of computing depreciation allows for a fixed rate of depreciation over the useful life of an asset?
Which method of computing depreciation allows for a fixed rate of depreciation over the useful life of an asset?
Signup and view all the answers
What is the requirement for deducting intangible exploration and development drilling costs in the year incurred?
What is the requirement for deducting intangible exploration and development drilling costs in the year incurred?
Signup and view all the answers
What is the maximum percentage of net income that can inure to the benefit of any private stockholder in a domestic corporation operated exclusively for religious, charitable, scientific, youth, and sports development purposes?
What is the maximum percentage of net income that can inure to the benefit of any private stockholder in a domestic corporation operated exclusively for religious, charitable, scientific, youth, and sports development purposes?
Signup and view all the answers
What is the requirement for deducting charitable and other contributions, in terms of when they must be made?
What is the requirement for deducting charitable and other contributions, in terms of when they must be made?
Signup and view all the answers
What is the purpose of the cost-depletion method of computing depreciation?
What is the purpose of the cost-depletion method of computing depreciation?
Signup and view all the answers
What is the primary purpose of allocation in taxation, as stated in Section 50 of the NIRC?
What is the primary purpose of allocation in taxation, as stated in Section 50 of the NIRC?
Signup and view all the answers
What are the two key steps in properly explaining gross income?
What are the two key steps in properly explaining gross income?
Signup and view all the answers
What is the tax treatment of special stipends to augment the income of employees?
What is the tax treatment of special stipends to augment the income of employees?
Signup and view all the answers
What is the definition of compensation income?
What is the definition of compensation income?
Signup and view all the answers
What is the tax treatment of every form of compensation for services, whether paid in cash or in kind?
What is the tax treatment of every form of compensation for services, whether paid in cash or in kind?
Signup and view all the answers
What may be included in compensation income?
What may be included in compensation income?
Signup and view all the answers
What is the formula to compute for the Grossed-up Monetary Value (GUMV) of fringe benefits?
What is the formula to compute for the Grossed-up Monetary Value (GUMV) of fringe benefits?
Signup and view all the answers
What is the FBT rate used in computing the fringe benefit tax liability?
What is the FBT rate used in computing the fringe benefit tax liability?
Signup and view all the answers
What type of benefits are exempt from fringe benefit tax under special laws?
What type of benefits are exempt from fringe benefit tax under special laws?
Signup and view all the answers
What is an example of a de minimis benefit?
What is an example of a de minimis benefit?
Signup and view all the answers
What is the purpose of fringe benefit tax?
What is the purpose of fringe benefit tax?
Signup and view all the answers
What is the term for the value of benefits received by employees that are subject to fringe benefit tax?
What is the term for the value of benefits received by employees that are subject to fringe benefit tax?
Signup and view all the answers
What is the condition for research and development expenditures to be treated as expenses chargeable to the capital account?
What is the condition for research and development expenditures to be treated as expenses chargeable to the capital account?
Signup and view all the answers
What is the purpose of the pension trust, and how does it relate to the allowed deduction?
What is the purpose of the pension trust, and how does it relate to the allowed deduction?
Signup and view all the answers
Who is entitled to avail of the Optional Standard Deduction (OSD)?
Who is entitled to avail of the Optional Standard Deduction (OSD)?
Signup and view all the answers
What is the deductible amount under the Optional Standard Deduction (OSD)?
What is the deductible amount under the Optional Standard Deduction (OSD)?
Signup and view all the answers
What type of income is not included in the computation of the 40% OSD?
What type of income is not included in the computation of the 40% OSD?
Signup and view all the answers
What is tax exemption, and how does it relate to taxation?
What is tax exemption, and how does it relate to taxation?
Signup and view all the answers