Philippines want to impose a tax on the people of China because there are many Chinese people who migrated in the Philippines and China is benefited to the resources of the country. The Phil Govt passed a law imposing a tax on all the people living in China, including its properties. Is the law valid? a. No, because tax laws are jurisdictional b. No, because tax laws are for the benefit of Filipino people, not other countries. c. No, because there is no due process d. Yes, because, resident citizens are taxable within and without the Philippines

Philippines want to impose a tax on the people of China because there are many Chinese people who migrated in the Philippines and China is benefited to the resources of the country. The Phil Govt passed a law imposing a tax on all the people living in China, including its properties. Is the law valid? a. No, because tax laws are jurisdictional b. No, because tax laws are for the benefit of Filipino people, not other countries. c. No, because there is no due process d. Yes, because, resident citizens are taxable within and without the Philippines

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 7DQ

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Which statement is wrong? * A resident citizen and a resident alien have a final tax of 15% on interest on foreign currency deposit. A non-resident citizen is exempt from income tax on interest on foreign currency deposit. A non-resident alien engaged in business in the Philippines is subject to a final tax of 25% on gross income from within the Philippines from cinematographic films. A non-resident alien engaged in business in the Philippines has a final tax of 20% only if the interest is on a bank deposit
Which of the following is true? A. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to a 20% final tax. B. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be exempt from income tax. C. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to regular income tax. D. None of the above. E. Individual and Corporate taxpayers must declare their intention to avail of the OSD in their annual income tax Return. F. The option to avail of the OSD shall be irrevocable for the whole taxable year. G. The option to avail of the OSD is applicable to taxpayers subject to regular income tax on their net income
5. Do you agree that rich [Filipinos and aliens working in the Philippines] are not paying their taxes? Why do you say so? What is the effect of such tax system?
10. A domestic corporation is taxed on income earned from: Within the Philippines only Within and without the Philippines Without the Philippines only None of the choices
9. HiramCo, a U.S. entity, wholly owns corporations that operate manufacturing businesses in both Mexico and Costa Rica, and it holds its investment portfolio in Sweden. How many foreign tax credit computations must HiramCo make? Be specific, and use the term basket in your answer.
What tax remedy is provided by the Tax Code to minimize the impact of indirect double taxation on those income that have already been subject to tax in other countries but still taxable in the Philippines? Allowable deduction Tax credit Tax refund Tax exemption All of the following, except one, are considered as “constructive receipts” for income tax purposes. Which is the exception? Interest credited on bank savings account. The share of the profits of a partner in a general professional partnership. Bond interest coupons which have matured but which have not been redeemed. Property borrowed by the taxpayer.
TRUE OR FALSE income tax paid abroad is a deductible item by a resident alien in the Philippines
Give an opinion about the Legality of The Assault on Tax Avoidance Practices in the Philippines
What is Tax Evasion in the Philippines?
Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax or in other words all individuals are liable to tax on income accrued in, derived from or remitted to Malaysia. April 30th is the deadline for the submission of income tax returns for the individual taxpayer without a business income in Malaysia, while June 30th is for those with business income in Malaysia. While reading the newspaper on tax issue reminded Lokman Hakim that he has not filled in his income tax form as yet. Tax computation has been a burden on Lokman’s shoulder and Siti Sarah has been talking and reminding Lokman to fill in his BE form before the deadline expires at the end of April. Lokman Hakim, age 32 years is currently working as a government officer in Sabah and brings home an income of RM4500 monthly. He is married to Siti Sarah, age 28 years, who is currently working as a lecturer in one…
Tax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax or in other words all individuals are liable to tax on income accrued in, derived from or remitted to Malaysia. April 30th is the deadline for the submission of income tax returns for the individual taxpayer without a business income in Malaysia, while June 30th is for those with business income in Malaysia. While reading the newspaper on tax issue reminded Lokman Hakim that he has not filled in his income tax form as yet. Tax computation has been a burden on Lokman’s shoulder and Siti Sarah has been talking and reminding Lokman to fill in his BE form before the deadline expires at the end of April. Lokman Hakim, age 32 years is currently working as a government officer in Sabah and brings home an income of RM4500 monthly. He is married to Siti Sarah, age 28 years, who is currently working as a lecturer in one…
Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(A) of the NIRC? a. A gain from sale of a motor vehicle as another income of a taxpayer who is a compensation income earner b. A passive income in the form of prize won in a raffle amounting to PHP 4,000 c. Salary received by a managing partner of a general professional partnership d. A gain on sale of a real property for private use of the family of the taxpayer