The Tax Code provides that an international carrier doing business in the Philippines shall pay a tax of two and 1⁄2 percent on its Gross Philippine Billings. What is meant by Gross Philippine Billings?
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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 depositChina Airlines Inc., a resident foreign corporation, has the following data for the taxable year 2x18: Passengers airfare from China to the Philippines P 1,800,000 Passengers airfare from the Philippines to China 1,500,000 Airfare for cargoes from China to the Philippines 700,000 Airfare for cargoes from the Philippines to China 1,300,000 Compute the income tax payable.Is if nation in which the nonresident foreign corporation is domiciled permits a credit for taxes presumed paid in the Philippines equivalent to 15%, dividend received from a domestic corporation by a nonresident foreign corporation shall be subject to a final tax of 15%. False or True
- Who 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 givenA non-resident alien not engaged in trade or business derived the following income from the Philippines: Interest income on his long-term bank deposit here in the Philippines, P50,000Interest income on his bank deposit under the EFCDS ($1 = P50), $500How much is the income tax due?If the nation in which the nonresident foreign corporation is domiciled permits a credit for taxes presumed paid in the Netherlands equivalent to 15%, dividend received from a domestic corporation by a nonresident foreign corporation shall be subject to a final tax of 15%.
- 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 incomeAn offshore banking unit had the following offshore banking transactions within the Philippines during the taxable quarter ending September 30, 2021:With local commercial banks- P3,850,000With domestic corporations - P3,400,000With other offshore banking units- P4,700,000If the offshore banking unit can claim allowable deduction of P2,830,000, how much is the offshore banking unit’s income tax due?US Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly explain this system.
- 1.A, non-resident alien not engaged in business in the Philippines, has the following income within and without the Philippines for 2018: Within the Phil Abroad Salary and allowances 100,000 150,000 Dividend income 90,000 60,000 Royalty income 50,000 40,000 What is the income tax due / payable of A?Malaysia personal income tax 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 abu that he has not filled in his income tax form as yet. Tax computation has been a burden on abu’s shoulder and fatima has been talking and reminding abu to fill in his BE form before the deadline expires at the end of April.Abu is currently pursuing his study on a Master Degree on a part-time basis at the local university. Being a part-time student requires him to juggle between work and assignment at the same time. Due to time and work…Which 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