TRUE OR FALSE income tax paid abroad is a deductible item by a resident alien in the Philippines
Q: Statement 1: Tax credits for donor’s tax paid to a foreign country is allowed only if the donor is a…
A: Donor's tax is a tax on donation of property between two or more persons. (irrespective of whether…
Q: An alien received P400,000.00 rental income from his property abroad and P200,000.00 compensation…
A: Income tax is the amount which is to be paid by the income earner as per the tax brackets. These tax…
Q: The amount of foreign tax withheld on foreign source income that a taxpayer can utilize in the…
A: Foreign tax credit: Foreign tax credit can be defined as the credit provided by the income tax…
Q: The following statements are correct, except: International air and shipping carriers doing business…
A: The correct option is D, as only statement D is incorrect. Reason; International air and shipping…
Q: The Philippine Congress enacted a law requiring foreign banks to withhold taxes earned by Flipino…
A: Direct Tax is a paid by only those persons whose income exceeds the minimum income on which…
Q: What are the four factors that deter the manner in which income earned foreign operation of a U.S.…
A: Foreign collaboration is taxed in the United States if it does business in the country or gets money…
Q: Can you give one example of tax avoidance and what its effect on the tax collection of the country?
A: Tax avoidance is made before calculating actual tax liability.
Q: The foreign tax deduction will result in a : tax benefit where as claiming the foreign tax credit…
A: Here, we should know the meaning of foreign tax credit ''The source state withholds a portion…
Q: resident of the Republic may pay tax
A: A resident of South Africa is liable to pay tax to SARS on his/her income across the world.
Q: 5. Do you agree that rich [Filipinos and aliens working in the Philippines] are not paying their…
A: Taxes are forced contributions imposed by a government agency on individuals or corporations,…
Q: What are the similarities differences and uniqueness in india and UK income tax structure
A: The uniqueness in India and UK income structure is: In India: In the Indian constitution there is…
Q: Good day This falls under caribbean Tax. Is is possible to get some assistance on this topic please…
A: A VAT (value-added tax), known in some countries as a goods and services tax, is a type of tax that…
Q: What are two separate events (may be domestic or international) that were influenced by U.S. income…
A: Taxes, particularly income taxes, have existed for as long as we can remember. In the United States,…
Q: Explain the Value Added Tax (VAT) rate structure in Oman and what the types of business should…
A: Value Added Taxes (VAT) Recently Oman implemented Value added Tax (VAT) system into the country to…
Q: In the US/Canada tax treaty one of the factors considered when deciding which country has…
A: Dual residency refers to a situation wherein one particular individual qualifies to be a resident…
Q: X, a non-resident citizen arrives in the Philippines on July 31, 2022 to reside here permanently…
A: The liability is determined based on the residential status for any person. There are two…
Q: compute estate tax payable for a non-resident alien in the philippines?
A: Estate tax : The tax imposed by the tax authorities on the personal or personal estate wealth of…
Q: A non-resident alien not engaged in trade or business derived P 50,000 interest income from his…
A: The benefits of tax exemption is not applicable in case of non resident alien not engaged in…
Q: Which of the following taxpayers is taxable on income from all sources within and outside the…
A: Tax is the liability for the individual or corporation that is calculated on the income earned. It…
Q: why does the taxes diTfer among rious states in USA?
A: Tax expense: It can be defined as the taxes owed by an individual or an entity to be paid to the…
Q: 1. Which of the following is not deductible from gross income? a. Transportation expense from the…
A: Honor Code: Since you have asked multiple questions, we will solve the first question for you. If…
Q: c) What are the advantages and disadvantages of voluntarily registering for GST?
A: What are the Advantages and disadvantages of voluntarily registering for GST?
Q: According to the Resides Test, which of the following is NOT normally relevant when assessing tax…
A: The government charges the tax on the individual based on their residency status, If any person is…
Q: A domestic corporation is taxed on income earned from: Within the Philippines only Within…
A: A domestic corporation is a business that is based in its home country and conducts its operations…
Q: Within without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent…
A: a person who is not a citizen of Philippines is recognised as alien. it is regardless of whether…
Q: Why might the effective tax rate paid on income earned within a country be different from that…
A:
Q: Which of the following income derived from within the Philippines by a resident individual is not…
A: Resident citizens are taxed on their income from all sources. A person who is not a citizen of the…
Q: Who among the following taxpayers may avail of the optional standard deduction? Non-resident alien…
A: The Optional Standard is available for Non-resident alien not engaged in trade or business in the…
Q: Explain under the Income Tax Act 1967 instances whereby interest income is deemed to be derived from…
A: Answer:- Income tax meaning:- Income tax is a sort of tax which is levied by the government on the…
Q: received by nonresident individuals from a depository bank under the expanded foreign currency…
A: The answer has been mentioned below.
Q: An alien individual whether resident or not of the Philippines is taxable only on income from…
A: Tax imposed on an individual by a government depends on the citizenship status of that individual.…
Q: What are the similarities differences and unique in india and UK income tax structure ?
A: Tax structure is the way how income is taxed and what are the tax brackets for income and corporate…
Q: According to OCED , a number of countries are considered "Tax Havens" which contribute to tax…
A: Correct answer:Option.b-United states Explanation-According to modern studies, the top 10 tax havens…
Q: An alien received P200,000 compensation income in the Philippines and P300,000 rental income from…
A: Income tax is a form of direct tax which is being payable on amount of income earned by the…
Q: The Tax Code provides that an international carrier doing business in the Philippines shall pay a…
A: Taxes: Taxes are the obligations levied on the varied taxpayers every year in respect of their…
Q: Y received the following items of income during the taxable year: If Y is a resident alien, how much…
A: The question is related to taxation. In the given question Y is a resident of Philippines and his…
Q: Which is not subject to final tax? A. Royalties earned in the Philippines B. Rental income earned…
A: Final tax is deducted at the point of source of income generation. It is a kind of withholding tax.…
Q: The percentage tax rate imposed on the international shipping carriers transporting cargoes in the…
A: International shipping carriers doing business of transporting goods from the Philippines to the…
Q: Which of the following is taxable on income outside the Philippines? Resident alien Non-resident…
A: Resident alien is a foreign national individuals residing in Phillipines who has satisfied the…
Q: How are foreign branch income and foreign subsidiary income taxed differently be the United States?
A: For US tax purposes, a foreign branch is considered part of a domestic company. Income, deductions,…
Q: who make a combined business and pleasure trip: a.Can deduct the cost of meals, lodging, local…
A: The question is related to taxation and civil law.
Q: Assuming Emman is a resident alien, compute the total income subject to Philippine income tax. *…
A: Resident Citizen receiving income from sources within or outside the Philippines will be included in…
Q: What is the income tax still due after foreign tax credits?
A: RCIT is the acronym of regular corporate income tax which is the tax rate which is charged on the…
Q: A non-resident alien not engaged in business in the Philippines, but with income from the…
A: Solution: As per given - A non-resident alien not engaged in business in the Philippines, but with…
Q: If the decedent was a nonresident alien and his country exempts a Filipinocitizen from estate tax,…
A: The term non- resident alien refers to the alien which has not passed the test of the green card or…
Q: Who is the person statutorily liable to pay the consumption tax on local sale of goods and services?…
A: As per the guidelines, only one question is allowed to be answered. Please upload different…
Q: Tax law contains a two-pronged system for taxing the US source income of foreign persons. Briefly…
A: under the domestic law of USA if the non-descident in the united state is for 90 days or less than…
Q: A, non-resident alien not engaged in business in the Philippines, has the following income within…
A: A non-resident alien engaged in trade or business If a person stays for an aggregate period of…
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- Can any nonrefundable credits, other than the foreign tax credit, reduce the regular income tax liability below the amount of the TMT? Explain.An alien individual whether resident or not of the Philippines is taxable only on income from within. TRUE OR FALSE?How to compute estate tax payable for a non-resident alien in the philippines?
- Which of the following is taxable on income outside the Philippines? Resident alien Non-resident alien Domestic corporation Non-resident Filipino citizen None of the aboveA person who is outside Philippine territory may be subject to tax and a person who is within the Philippine territory may not be subject to tax. True or False? Explain concisely in 3- 5 sentences.How does an individual taxpayer in the United States qualify for the foreign earned income exclusion?
- 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 taxpayerFor an individual taxpayer in the United States, what benefit is provided by the foreign earned income exclusion?Please describe how tax-exempt interest and foreign-earned income exclusion are used in the U.S.? Any examples?
- 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 systemA non-resident alien not engaged in business in the Philippines, but with income from the Philippines: Statement 1. is taxed at 25% of gross income from within the Philippines. Statement 2. is entitled to personal exemptions on the basis of reciprocity. Both statements are true Both statements are false Only the first statement is true. Only the second statement is true.(resident citizen from philippines) Question: How much is the taxable income?
