Special domestic companies, such as proprietary educational institutions, are exempt from MCIT if they are taxed at a 10% preferred level. Is it true or false?
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Special domestic companies, such as proprietary educational institutions, are exempt from MCIT if they are taxed at a 10% preferred level.
Is it true or false?
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- Which is a correct statement? Domestic corporations shall elect either MCIT or RCIT. Resident foreign corporations are liable to either 20% or 25% RCIT. MSMEs may still be taxable like large corporations. Resident foreign corporations are elect either RCIT and MCIT. 2. TRUE or FALSE: Interest expenses are deductible in full amount if there is no interest income subject to final tax during the period.Private academic institutions and other special domestic businesses are exempt from the MCIT as long as they pay a preferential payroll tax of 10%. True or False.Which of the following statements is incorrect? * A. If 5% special tax on gross income is granted to taxpayers, they are not required to remit compensation taxes of their employees.. B. If 5% special tax on gross income is granted to taxpayers, they are not required to pay business permits. C. If 5% special tax on gross income is granted to taxpayers, they are not required to pay value added tax. D. Resident foreign corporations may be exempted from paying income tax.
- Which of the following statements is true? All corporations are subject to AMT. Small corporations with average annual gross receipts of less than $10 million are not subject to AMT. The Tax Cuts and Jobs Act of 2017 repealed the corporate alternative minimum tax (AMT) beginning in 2018. The AMT rate is 25% of AMT income after exemption.Which of the following is wrong? If the seller is a non-VAT registered seller, the government shall withhold a 3% final percentage tax on the sale before payment. The final withholding system on the sales to the government and GOCC will no longer be applicable starting 2021. VAT treatment on sales to government is the same as VAT treatment on sale to non-government taxpayer except for the mandatory withholding of 5% by the government agency who avail the goods or services offered by the seller. None of the choicesWhich of the following is true concerning the American Taxpayer Relief Act of 2012? Choose the correct.a. This tax law leads to the immediate elimination of the federal estate tax.b. This tax law leads to the immediate elimination of the federal gift tax.c. This tax law provides for a $5.45 million tax-free exemption, as a result of indexing, for estates created in 2016.d. This tax law leads to the immediate elimination of the generation-skipping tax.
- The income from operations of the following corporations are not subject to the regular corporate tax rate because they are subject to special or preferential income tax rate/s, except: PEZA registered enterprises Proprietary educational institutions Government educational institutions Non-profit hospitalsWhich of the following is true? Non-profit corporations are exempt from corporate income tax. Domestic corporations shall choose ether MCIT or RCIT. Whenever MCIT is payable, there is a Net Operating Loss Carry-Over. MCIT does not apply to foreign corporations.Which of the following is true concerning the American Taxpayer Relief Act of 2012? This tax law leads to the immediate elimination of the federal estate tax. This tax law leads to the immediate elimination of the federal gift tax. This tax law provides for a $5.45 million tax-free exemption, as a result of indexing, for estates created in 2016. This tax law leads to the immediate elimination of the generation-skipping tax.
- AAA is a private educational institution. Which of the following is TRUE? * Its income from related and unrelated activities are subject to income tax. If the ratio of the gross income from unrelated activities over total gross income does not exceed 50%, it is subject to a preferential tax rate of 1%. If the ratio of the gross income from unrelated activities over total gross income exceeds 50%, it is subject to the regular income tax rate. All of the aboveABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) d. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. e. If it is private educational institution, Compute for its income tax due after tax credit. f. If it is a non-profit hospital, Compute for its income tax credit.Harris has the following data (VAT exclusive): Taxable sales are P 1,200,000Exempted sales are P 400,000Zero-rated sales are P 200,000Input tax (cannot be directly determined / attributable to any of the above sales) is P80,000.What is the VAT payable if the company chooses to claim the input tax from zero-rated sales as taxrefund?