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Explain the following:
1. Transactions deemed sales
2. Goods or Properties
3. Tax Base
4. Gross Selling Price
5. Tax Rates in the Philippines
6. Export Sales
7. Other Zero-Rated Sales
8. Output Tax'
9. Input Tax
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- taxes commonly used by many countries includes: - import duty payable on specific types of imprted goods - individual income tax usally deducted at source - corporated income tax - value added tax which of the above would normally be difined as direct taxation a - 1 and 2 b - 2 and 4 c- 2 and 3 d- 1 and 4Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? *SellerBuyerBoth Seller and BuyerAnswer not given Which is wrong? * International carriers doing business in the Philippines shall pay a tax equivalent to 3% of their quarterly gross receipts derived from the transport of cargoes, baggage, or mails from the Philippines to another country. International carrier's transport of passenger is exempt from tax. Keepers of garage are subject to 3% common carrier’s tax regardless of the amount of their gross receipts. All common carriers are subject to VAT on their transport of passengers or cargoes by water or by air Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? * SellerBuyerBoth Seller and BuyerAnswer not givenWhich of the following taxes is allowed to be deducted from gross income derived from the exercise of profession, trade or business? Group of answer choices Import duties Philippine income tax Estate and donor's tax Tax on sale of shares of stock traded through the local stock exchange
- 1. Consult the relevant proclamations and regulations to discuss elaborately how the following types of income are taxed in Ethiopia Royalties Income from rendering of technical services Income from game of chance Income from Dividends Income from casual rental of property Interest income on deposits Gain on transfer of certain investment property 2. Briefly discuss the procedure for withholding income tax on payments 3. Describe briefly the tax declaration and assessment procedures for category A and category B business income tax payers.Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer P89,600LJ, vat taxpayer, sells to Chris, vat taxpayer P134,400Chris, vat taxpayer, sells to Abi P201,600Abi, nonvat taxpayer, exported the goods in Canada P300,000 Required: Determine the following:A Vat payable of ApolB Vat payable of LJC Vat payable of ChrisD Vat payable of AbiMC: Topic: Income Taxation Passive income is income that requires minimal labor to earn and maintain. In the Philippines, certain items of passive are subject to final tax. Which of the following are passive income subject to final tax? * Rental income on real property located in the Philippines Rental income on personal property located in the Philippines Interest income on savings deposit with a local bank All of the above
- A, a VAT Taxpayer, had the following data during the quarter:Export Sales, P3,000,000Domestic Sales (VAT Inclusive), P3,360,000Purchases of goods for export, P1,500,000Purchases of goods for domestic sales, VAT exclusive, P1,500,000Purchases of supplies on domestic sales, VAT exclusive, P500,000Input Tax attributable to export sales are being claimed as refund. How much is the VAT Payable?a) Explain, in three sentences or less, ‘cross-credit’ in relation to the foreign tax credit. Make sure to identify the problem, and how cross-crediting solves the problem. b) Treadwell, Inc. had $2,500,000 taxable income, $250,000 of which was generated by business activities in foreign jurisdictions. If Treadwell paid $55,500 foreign tax to Utopia. Compute the following: US tax paid______________________ Worldwide tax paid_______________What statement is false? a. A tax on consumption will effectively result in virtually all residents of the State paying the tax. b. A tax on consumption would support savings initiative. c. The consumption tax for purchases of goods or services from foreign sources shall be payable by the buyer. d. Business taxes are usually included in the price of goods and services of the seller but are remitted by the seller to the government. e. All of the statements is correct.
- ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000How much is the amount of final withholding tax on passive income ?Bangladesh Income Tax **It is true that the nature of Government influences the formulation of taxation policy. What are the other factors the policy makers have to consider for an effective taxation policy? (500 word min)A _____________________________ is a means of ensuring that the expatriate’s after-tax income in the host country is similar to what the person’s after-tax income would be in the home country A) International tax management system B) HRM system C) Nucor sytem D) Tax deduction system E) Tax equalization system