Taxation MCQ (11-20)
11. The Commissioner or his authorized representative is empowered to suspend the business operations and temporarily close the business establishment of any person for:
a. Failure to issue receipts or invoices of a VAT-registered entity.b. Failure to file a VAT-return for VAT-registeredperson as required by the Tax Codec. Understatement of taxable sales or receipts bythirty percent (30%) or more of his correct taxablesales or receipts for the taxable quarterd. All of the above
12. The VAT on goods
a. Is a selling expense of the traderb. Is imposed on goods for domestic consumptionc. It is not based on net salesd. Maybe due even if there is no actual sale of thegoods
13. A tax on the right or privilege to enter places of amusement
a. VATb. Franchise taxc. Amusement taxd. Income tax
14. One of the following is not subject to amusement tax on gross receipts
a. Disco housesb. Cockpitsc. Professional basketballd. Bowling alleys
15. Cash dividend received by a non-resident corporation from a domestic corporation is
a. Exempt from income taxb. Subject to final taxc. Part of taxable incomed. Partly exempt, partly taxable
16. One of the following does not form part of gross income
a. Interestb. Royaltiesc. Annuitiesd. Gift, bequest and devices
17. Which of the following taxes may be deducted from gross income
a. Special assessmentb. Transfer taxc. Documentary stamp taxd. Income tax
18. Shares, obligations, bonds issued by a foreign corporation shall be considered as intangible personal property situated in the Philippines if, how many percent of its business is located in the Philippines?
a. 33%b. 50%c. 75%d. 85%
19. The following are examples of non-taxable compensation for injuries, except
a. Actual damages for injuries sufferedb. Compensatory damages for unrealized profitsc. Moral damages for grief, anxiety and physicalsufferingsd. Exemplary damages
20. Which of the following fringe benefits is taxable?
a. Those benefits which are given to rank and fileemployeesb. Contributions of the employer for the benefit of the employee to retirement, insurance andhospitalization benefit plansc. Benefits given to supervisory employees under acollective bargaining agreementd.