TAXATION - Question 1 Which of the following local sales of goods or property and services will not be effectively subject to VAT at zero-rate Sales to

TAXATION - Question 1 Which of the following local sales of...

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Question 1 Which of the following local sales of goods or property and services will not be effectively subject to VAT at zero-rate? Sales to Development Bank of the Philippine (DBP) Sales to International Rice Research Institute (IRRI) Sales to enterprises duly registered and accredited with the Philippine Economic Zone Authority (PEZA) Sales to enterprises duly registered and accredited with the Subic Bay Metropolitan Authority (SEMA) 4.2 Taxation - VAT (Easy) Question 2 Donor’s Tax Rate Over But not over The tax shall be plus Of excess over 1,000,000 3,000,000 44,000 8% 1,000,000 3,000,000 5,000,000 204,000 10% 3,000,000 Hotel Zalora, VAT-registered, offers different services to its guest. The following data taken from the books of the taxpayer are for the first month of the first quarter of 2014: Revenues Collections Hotel rooms (local guest) 800,000 700,000 Dining hall: Sale of food and refreshments 1,000,000 850,000 Sale of wine, beer and liquor 700,000 600,000 Videoke bar: Sale of food and refreshments 600,000 550,000 Sale of wine, beer and liquor 500,000 450,000
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How much is the output tax using 12% VAT rate? 258,000 None of the choices 432,000 378,000 4.2 Taxation - VAT (Difficult) Question 3 Congress passed a law allowing the payment of taxes in kind/services. This violates the principle of theoretical justice administrative feasibility economic efficiency fiscal adequacy 4.2 Taxation - General Principles of Taxation (Difficult) Question 4 Double taxation in its general sense means taxing the same subject twice during the same taxing period. In this sense, double taxation Violates substantive due process Does not violate substantive due process Violates the right to equal protection Does not violate the right to equal protection 4.2 Taxation - General Principles of Taxation (Average) Question 5
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Which of the following is included in gross income? Life insurance proceeds Compensation for injuries or sickness Amounts received by insured as return of premium Share in the net income of a general professional partnership 4.2 Taxation - Income Tax Individuals (Average) Question 6 The power to tax is the power to destroy. Is this always so? Yes. Tax laws should always be enforced because without taxes the very existence of the State is endangered Yes. The tax collectors should enforce tax law even if the results to the destruction of the property rights of a taxpayer No. The Supreme Court may nullify a tax law, hence, property rights are not affected No. The Executive Branch may decide not to enforce a tax law which it believes to be confiscatory. 4.2 Taxation - General Principles of Taxation (Difficult) Question 7 Joe Champs, an Irish residing in London, received dividends from Toronto Company, a company registered in Toronto, Canada but whose profits are totally sourced from its fishing business in the Philippines. The dividends received by Joe are not taxable in the Philippines since Joe is a nonresident alien taxable in full in the Philippines taxable only in the Philippines if Joe gains residency in the Philippines taxable in the Philippines to the extent of 50% of the gross amount of the dividends he receives
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4.2 Taxation - Income Tax Individuals (Difficult)
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