 Real property owned by the Republic of the Philippines or any of its political subdivisions is

generally subject to real property tax . FALSE

 The local treasurer shall proceed to publicly advertise for sale or auction the property or a
usable portion thereof as may be necessary to satisfy the tax delinquency and expenses of
sale ,within how many days after service of the warrant or levy . 30 DAYS
 The provincial ,city or municipal assessor shall prepare and submit to the treasurer of the local
government unit,on or before the each year an assessment roll containing a list of all
persons whose real properties have been newly assessed and the values of such properties.
DECEMBER 31
 ASPAC Rural Bank,Inc.-Lapulapu Branch reported gross receipts of 65,000,000 from its
operations in 2019.How much is local tax due to the Lapu Lapu city Government if it
maximizes to allowable rate of tax to be imposed on banks upon renewal of the bank’s
business permit in January 2020 325,000
 TOK WAH Manufacturing Company is a Chinese Corporation .For the preceding year,its
recorded gross receipts are as follow:
Derived in China 5000,000
Derived in the Philippines 2,000,000

How much is community tax due from Tok Wah

ANSWER:1300

 Real Property owned by the Republic of the Philippines ,instrumentalities and political
subdivisions ,the beneficial use of which has been granted ,for consideration or otherwise ,to a
taxable person,shall be listed ,valued and assessed in the name of the possessor ,grantee or
of the public entity if such property has been acquired or held for resale or lease. TRUE
 All lands ,buildings and other improvements actually ,directly and exclusively used for
hospitals ,cultural or scientific purposes and those owned and used by local water districts ,and
government –owned or controlled corporations rendering essential public services in the
supply and distribution of water and /or generation and transmission of electric power shall be
classified as special. TRUE
 The Sanggunian shall be obliged ,in the apportionment and computation of the special levy to
establish a uniform percentage of all lands subject to the payment of the tax for the entire
district . FALSE
 Jude lost his job and as his way of surviving ,he started engaging himself with sand and gravel
quarrying in Lipanto,Alegria,Cebu.For 2019, He has quarried a total of 18,250 cubic meters of
these resources at a market value of P50 per cubic meter .If the local government unit
maximized the allowable tax for this kind of activity ,how much is the share of Barangay
Lipanto from the taxes collected from Jude? 36500

 Mark Salem,a German National and resident of baguio City , has the following gros receipts
in the previous year:

Business income earned in Germany 200,000

Business income earned in the Philippines 100,000

Real property located in Germany 5,000,000

How much is community tax due ?

ANSWER:105

 Since the basic real property tax in areas within Metropolitan Manila area is 2% of assessed
value,their applicable special education fund (SEF) is also 2%. FALSE
 When real property is assessed for the future for the first time or when an existing assessment
is increased or decreased ,the provincial,city or municipal assessor shall within 60 days give
written notice of such new or revised assessment to the person in whose name the property is
declared. FALSE
 Zion Corporation,a domestic corporation ,has the following properties all located in Baguio
City:
A.) Farm lot acquired at 800,000 with present FMV of 1,200,000
B.) Farm House on the lot used to house the farm animals and serves as storage for farm
harvest; constructed at cost of 200,000 present FMV of 250,000
C.) Farm Tractor and threshing machine ,acquired at 100,000 with present FMV of 150,000
If the prevailing assessment levels were the maximum provided under the code,how much
would be the basic real property tax due ? 6025
 Property sold at public auction for the settlement of unpaid local taxes can be redeemed by its
owner within one year from the date of sale TRUE
 The city or municipal treasurer cannot deputize the barangay treasurer to collect taxes on real
property located in the barangay. FALSE
 No case or proceeding shall be entertained in any court after the expiration of on year from
the date of payment of such tax,fee,or charge or from the date the taxpayer is entitled to a
refund or credit . FALSE
 At all times,payment of basic real property tax can be made on installment but not for the
portion pertaining to the special education fund. FALSE
 Property owners are not allowed by the law to oppose any special levy assessment because of
the presumed benefit their properties derive from a government project. FALSE
 It shall be the duty of the Registrar of Deeds to every person who shall present for registration
a document of transfer ,alienation or encumbrance of real property to accompany the same
with a certificate to the effect that the real property subject of the transfer ,alienation or
encumbrance ,as the case maybe ,has been fully paid of all real property taxes due thereon.
TRUE
 There is no need for the Sanggunian to conduct a special hearing for the imposition of special
levy because the law expressly allows imposition of such levy as part of its inherent powers.
FALSE
 Mr Domingo Go is a resident alien businessman residing in Baguio.For the preceding year he
reported his business income as follows ;
Derive in the Philippines 1,000,000
Derived in the USA 2,000,000
How much is community tax due? 1005
 Delayed payments of real property tax is subject to interest of 12% per annum but the amount
to be collected shall be for up to 3 years only if unpaid taxes covers more than 3years. FALSE
 Within one week from the date of forfeiture of levied real property ,the taxpayer or any of his
representative ,may redeem the property by paying to the local treasurer the full amount of the
taxes,fees,charges and related surcharges ,interests or penalties and the costs of sale.
FALSE
 The provinces and cities shall be primarily responsible for the proper ,efficient but not effective
administration of the real property tax. FALSE
 SM Cinema reported a total of 55,750,000 in admission fees from its operation in 2019 . How
much is local tax due if Cebu City government maximizes the allowable local tax for this kind
of activity ? 16725000
 Agricultural lands planted to permanent or perennial crops with at least 50 trees to a hectare
shall not be considered idle lands. TRUE
 Additional ad valorem tax idle lands of 5% is in lieu of the basic real property tax if the property
is not utilized or improved by its owner. FALSE
 Unutilized individual lots of subdivisions which are not yet transferred to the buyers shall not
be subject to the additional tax of 5% at all. FALSE
 The remaining value for all kinds or machinery shall be fixed at not less than twenty five
(25%)of such original ,replacement or reproduction cost for so long as the machinery is useful
and in operation .FALSE
 No protest shall be entertained unless the taxpayer first pays the tax . TRUE
 Zion Corporation ,a domestic corporation,has the following properties all located in Baguio
City:
A.Farm lot acquired at 800,000 with present FMV of 1,200,000
B. Farm house on the lot used to house the farm animals and serves as storage for farm
harvest ;constructed at cost of 200,000;present FMV of 250,000
C. Farm tractor and threshing machine,acquired at 100,000 with present FMV of 150,000

If the prevailing assessment levels were the maximum provided under the code ,how much
would be the total property tax due (basic &SEF ) ANSWER;12050

 All assessments or reassessments made after the first day of January of any year shall take
effect on the first day of the immediately succeeding month of the same year. FALSE
 Idle lands may be exempted from the additional ad valorem tax 5% if the reason for the lack of
improvement is force majeure,civil disturbance ,natural calamity or any cause or circumstance
which physically or legally prevents the owners from improving them. TRUE
 Local units shall have the authority to adjust the tax rates as prescribed herein not often ner
than once every 5 years. TRUE
 After the expiration of the time required to pay the basic real property tax or any other tax
levied under RA7160, real property subject to tax may be levied upon through the issuance of
a warrant on or before or simultaneously with, the institution of the civil action for collection of
the delinquent tax. TRUE
 Amazing Corporation is a domestic corporation which has the following income and properties
recorded as of the end of the preceding year :
Gross Receipt in the Philippines 12,000,000;Total fair market value of properties owned and
located in the Philippines is 17,000,000 .Under its tax declaration its properties assessed value
is equivalent to 8,500,000. Dividends it received from wonderful ,Inc.(also a domestic
corporation) is 200,000? How much is the community tax due? 8780
 Any owner or person having legal interest in the property who is not satisfied with the action of
the provincial ,city or municipal assessor in the assessment of his property may make an
appeal within sixty 60 days from the date or receipt of the written notice of assessment . TRUE
 The special levy shall not exceed how much percent of the actual cost of projects and
improvements done by the local government unit that benefited the property owner? 60%
 Agricultural lands located in a city or municipality with more than one thousand (1000) square
meters in area .onehalf ½ of which remain unutilized or unimproved by the owner of the
property or person having legal interest therein shall be considered idle lands subject to the
ad valorem tax of 5%. FALSE
 Lands actually used for grazing purposes shall be considered idle lands subject to the 5%
additional ad valorem tax because no actual improvement is taking place on those lands.
FALSE
 Upon the effectivity of the ordinance imposing special levy ,the treasurer shall forthwith
proceed to determine the annual amount of special levy assessed against each parcel of land
comprised within the area especially benefited and shall send to each land owner a written
notice thereof by mail, personal service or publication in appropriate cases. FALSE
 The ordinance levying such taxes ,fees or charges shall not be enacted without any prior
public hearing conducted for the purpose. TRUE
 PLDTell is a corporation organized under foreign laws .For the preceding year ,its financial
report reveals the following:
Gross receipts;
Philippines 2,000,000
Foreign countries 3,000,000
Properties in the Philippines
Cash and marketable securities 5,000,000
Land and Building 10,000,000
 The land and building fall under assessment level of 40%. How much is the total
community tax due from PLDTell? 2900

 Additional advalorem tax of 5% does not apply to residential lots in subdivisions that are not
utilized by its owners. FALSE
 Real property shall be listed ,valued and assessed in the name of the owner or administrator or
anyone having legal interest in the property. TRUE
 The number of annual installments for the payment of the special levy shall be for a period not
less than five (5) years nor more than ten (10) years. TRUE
 The real property tax for any year shall accrue on the first day of January and from that date it
shall constitute a lien on the property. TRUE
 Incase the owner or person having legal interest fails to redeem the delinquent property as
provided herein, the mayor shall execute a deed conveying to the purchaser said property ,free
from lien of the delinquent tax, interest due thereon and expenses of sale. FALSE
 Sanggunian may grant a discount of up to thirty percent 30% of the annual tax due if payment
of the basic real property tax and special education fund is made in advance .FALSE
 The collection of the real property tax shall be the responsibility of the city or municipal
treasurer .TRUE
 N case of provinces ,the proceeds from the special education fund shall be divided using an
arbitrary ratio agreed between the provincial and municipal school boards. FALSE
 All drugstores are required to give 20% discount on purchases of generic and branded
medicines from the by the PWDs. TRUE
 A private hospital admitted a PWD .Total amount due before discharge was 112,000. How
much is output VAT on the bill? 0
 SM bowling center is not mandated by law to give discount to senior citizens playing bowling in
their place. FALSE
 A VAT registered real estate lessor or leases a residential house to family of five with two
senior citizens.the monthly rental of the house is 10,000 exclusive of VAT. How much is the
Output VAT be billed ?
 The discount required by law granted to senior citizens by restaurants must be personally
availed by senior citizens and no proxies or authorization in favor of another person who is not
a senior citizen will be honored .
TRUE
 The share of each Barangay with a population of not less than one hundred 100 inhabitants
shall not be less than one hundred eighty thousand pesos (180,000) per annum . FALSE
 Attending physician of PWDs confined in hospital are not mandated to grant 20% discount on
their professional fees . FALSE
 A VAT registered drugstore sold medicine with a total tax inclusive price of 1,120 to a walk in
PWD .How much is the net amount to be paid by the PWD? 800
 A Senior citizens billing for electricity during the month of October 2020 is 1,680( vat
inclusive )
For the 100 kwh of electricity consumption .The meter is registered in his name . How much is
the net amount to be paid by this senior citizen to electricity provider. 1596
 A Company modifies its physical facilities in order to provide reasonable accommodation for
disabled employees at a total cost of 200,000
How much is the total additional deduction incentive allowed to this company to arrive at its
taxable incomeforthe year ? 100,000

 All other goods and services sold by the covered establishments not included in those
expressly mentioned as subject to the discount SHALL NOT be considered for the 20%
discount privilege not withstanding that the same are for the exclusive use ,enjoyment or
availment of the PWD. TRUE
 The proceeds from the special education fund shall be allocated for the operation and
maintenance ofpublic schools ,construction and repair of school buildings , facilities and
equipment ,educational research ,purchase of books and periodicals and sports development
as determined and approved by the Local School Board. TRUE
 For promotional fares of domestic air and sea transportation companies ,the PWD can avail of
the establishment’s offered discount or the 20% discount whichever is lower. FALSE
 A restaurant sold to a senior Citizen who is accompanied by 2 other senior citizens . The total
price of their order totaled amount to be collected by the restaurant from these group of
customers? 2400
 The discount required by law to be granted to senior citizens by restaurants shall be for the
purchase of food ,drinks ,dessert and other consumable items served by the establishment .
TRUE
 Covered by the requirement for the requirement for the granting of 20% discount in the case
of PWDs death are purchase of casket or urn,embalming ,hospital,morgue & transport of the
body to intended burial site. TRUE
 A Senior citizen is any Filipino who is a resident of the Philippines and who is 60years old or
above . TRUE
 The grant of the discount is only for the purchase of goods and services enumerated in the
Act for the exclusive use and enjoyment or availment of the Senior Citizen . TRUE
 Within one month from the date of such forfeiture ,the taxpayer or any of his representative
,may redeem the property by paying to the local treasurer the full amount of the real property
tax and related interest and costs of sale. FALSE
 A NON VAT recreational center has a PWD member for the whole year of 2019.The normal
rate for non PWD members is 2,000 per month . How much is the Net amount billed from the
PWD for the year . 19,200
 The discount required by law to be granted to senior citizens by restaurants also applies to
children’s meal & pre-contracted party packages or bulk orders. FALSE
 The proceeds the additional one percent (1%) tax on real property accruing to the Special
Education Fund (SEF) shall be automatically released to the local school boards. TRUE
 A non Vat recreational center has a PWD member for the year 2019. The normal rate for non-
PWD members is 2,000 per month . How much is the total percentage tax due on this income
from PWD by recreation center for 2019. 576
 A restaurant sold to a senior citizen who is accompanied by 2 of his grandchildren in their
20s. The total price of their order totaled 33609 (vat inclusive ).How much is the total amount
to be collected by the restaurant from these group of customers? 3040
 The prescription period for the collection of real property taxes can never be
suspended .FALSE
 Sale of medical devices is covered by the requirement for the granting of discount and VAT
exemption to PWDs. FALSE
 The discount required by law to be granted to senior citizens by restaurants shall also apply to
take out & drive thru orders as long as it is the senior citizen himself who is present and shows
his senior citizen identification card.TRUE
 Theaters,cinema houses,concert halls,circuses,carnivals and other similar places of
culture,leisure and amusement are required to grant 20% discount and VAT exemption to
PWDs.TRUE
 Laboratory services of a hospital are not covered by the requirement for granting of 20%
Discount to PWD patients. FALSE
 The registrar of deeds and notaries public are required to furnish the provincial,city or
municipal assessor with copies of all contracts selling ,transferring ,or otherwise conveying
,leasing or mortgaging real property received by or acknowledged before them.TRUE
 The discount required to be granted to be granted by hotels to senior citizens shall only be for
room accommodation and does not cover other amenities offered by the
establishment .FALSE
 The president of the Philippines may,when public interest so requires ,condone or reduce the
real property tax and interest for any year. TRUE
 For purpose of compliance with the discount requirement ,the minimum discount shall be
treated as an addition to the promotional discount if any.FALSE
 Non-profit ,stock golf & country clubs which are not open to the public and for exclusive
membership only are not mandated to give 20% senior citizens discount..TRUE
 Domestic air and sea transportation are required to grant 20% sales discount to PWDs based
on the actual fare. TRUE
 Insurance companies are required to furnish the provincial ,city or municipal assessor copies
of any contract or policy insurance on buildings ,structures ,and improvements insured by
them. TRUE
 Should restaurants & food establishment inside these country clubs be independent
concessionaires & food sold are not consumable items under club membership dues,they must
grant 20%senior citizen discount . TRUE
 The proceeds of the additional real property tax on idle lands shall accrue to the respective
general fund of the province or city where the land is located.TRUE
 Local government units shall have a share in the national internal revenue taxes based on the
collection of the fourth fiscal year preceding the current fiscal year.FALSE
 All courts actions,criminal or civil ,instituted at the instance of the provincial,city or municipal
treasurer or assessor under the provisions of the local government code shall be subject to
court and sheriff’s fees.FALSE
 It shall be the duty of the registrar of deeds upon the registration with his office of any such
declaration of forfeiture to transfer the title of the forfeited property to the local government unit
with the order from a competent court .FALSE
 All real property assessment notices or owner’s copies of tax declaration sent through the
mails by the assessor shall be subject to postal charges or fees.FALSE
 Restaurants and recreation centers are not required to give 20% discount and VAT exemption
to PWDs.FALSE
 The basis real property tax and any other tax levied with it shall be collected within five 5 years
from the date they become due .TRUE
 The proceeds of the special levy on lands benefited by public works ,projects and other
improvements shall accrue to the general fund of the local government unit which financed
such public works ,projects or other improvements.TRUE
 Costs of obituary publication and memorial lot are covered by the requirement for granting
20%discount in the case of PWDs death.FALSE
 A non VAT recreational center has a PWD member for the whole year of 2019.The normal rate
for non PWd members is 2000 per month . How much is total sales to this PWD to be recorded
by the recreation center in its books for 2019. 24000

 The current share of local government units from national internal revenue taxes is forty 40%
but may be adjusted to an amount not less than 30% if national government incurs an
unmanageable public sector deficit.TRUE

 In providing home health care services,the burden of discount shall be borne solely by the
employment agency given the health worker’s very minimal share compared to the agency fee.
TRUE

 The total proceeds of the basic real property tax ,including interest thereon ,and proceeds
from the use ,lease or disposition ,sale or redemption of property acquired at a public auction
pertaining to barangay Cotcot.Liloan,Cebu amounted to 8,700,000 in a certain year . How
much is the share of Barangay Cotcot? 1,740,000

 In case of fraud or intent to evade payment of the tax,an action may be instituted for the
collection of the same within ten(10) years from the deadline of the payment of the tax .
FALSE

 The requirement for granting of 20% discount and VAT exemption for domestic air and sea
travel by senior citizens excludes advanced booking. FALSE
 All certificates ,documents and papers covering the sale of delinquent property to the province
,city or municipality if registered in the registry of property shall be exempt from the
documentary stamp tax and registration fees.TRUE

 Sale of vitamins and mineral supplements medically prescribed by attending physician to the
senior citizens is not covered by the 20% discount requirement .FALSE

 Dental services are not covered by the requirement for the granting of 20% discount when
rendered to PWDs.FALSE

 Land transportation companies are required to give 20% discount to PWDs based on the
actual fare of public utility buses,jeepneys ,taxis ,Asian Utility Vehicles ,shuttle services
,LRT,MRT,PNR and such other similar infrastrature that will be constructed ,established and
operated by public or private entity.TRUE

 Qualified PWD shall be entitled to claim at least 20% discount from selected establishments
on goods and services for their exclusive use ,enjoyment or availment.TRUE

 Sale of hearing aids to senior citizens is covered by the requirement for the granting of 20%
and VAT exemption .TRUE

 Medical services by hospitals are subject to 20% discount when rendered to qualified
PWDs.TRUE

 The determination of preferred areas of investment to be listed in the investment to be listed

in the investment priorities plan shall be based on. LONG RUN COMPARATIVE
ADVANTAGE

 Measure capacity is the estimated additional volume of production or service which the
board determines to be desirable in each preferred area of investment in order to supply the
needs of the economy at reasonable prices ,taking into account the export potential of the
product ,including economies of scale which would render such product competitive in the
wolrd market .TRUE
 As a holder of the Special Investors Resident Visa,an alien shall be entitled to reside in the
Philippines while his investment subsists.TRUE

 The current Secretary of Tourism is Mr.Ace Durano. FALSE

 The undersecretary of the department of Trade and Industry for industry and investments
shall be concurrently the vice chairman of the board and its managing head. TRUE

 Within 15 years from the effectivity of EO 226,importations ofmachinery and equipment and
accompanying spare parts of new and expanding registered enterprise shall be exempt to the
extent of 100% one hundred percent of the customs duties and national internal revenue tax
payable thereon ,subject to certain conditions . FALSE

 New enterprise in Greenfield and Brown field Tourism Zones are allowed to carry over their
NOLCO for 3 years just like in any other . FALSE

 The Director general shall be the over all coordinator of the policies ,plans and programs of
the ecozones.TRUE

 The three 3 representatives from other government agencies and the private sector shall be
appointed by the president for a term of how many years ? 4

 Business enterprises within a designated ECOZONE shall register with the PEZA to avail of
all incentives and benefits provided for in RA#7916.TRUE

 The PEZA Board shall set the general policies on the establishment and operations of the
ECOZONES ,industrial estates ,export processing zones ,free trade zones, and the like.
TRUE

 The board shall be responsible for the regulation and promotion of investments in the
Philippines.TRUE
 The importation of breeding stocks and genetic materials within 10 ten years from the date of
registration or commercial operation of enterprise shall be exempt from all taxes and duties
,subject to certain conditions .TRUE

 RA#7916 is the basis for the creation of PEZA Philippine Economic Zone Authority. TRUE

 The governors of the Board shall be citizens of the Philippines and atleast hiow many years
of age . 30

 The secretary of trade and industry shall concurrently Chairman of the board of
investment .TRUE

 Exportation of goods on consignment shall not be deemed export sales until the export
products consigned are fact sold by the consignee.TRUE

 Department of tourism was created pursuant to Presidential decree No.198 implemented in

1973 as amended .FALSE

 An alien executive of the regional or area headquarters of a multi national company shall
enjoy tax and duty free importation of personal and household effects. TRUE

 Foreign loans shall mean any credit facility or financial assistance including equity
investment denominated and payable in foreign currency.FALSE

 Tourism enterprise within a TEZ shall register with the TIEZA to avail of incentives and
benefits provided for under RA#9593. TRUE

 Income tax holiday for pioneer firms is . 6 YEARS

 Atleast 25% from the travel tax collection which shall accrue to the TIEZA shall be earmarked
for the development of historic ,cultural ,religious and heritage sites and prime tourist
destinations. FALSE
 The Tourism Board shall meet at least once a month at the principal office of the
TPB,unless the Tourism Board previously agrees in writing to meet at another location.TRUE

 The DFPC shall have an authorized capitalization of five hundred million pesos (Php
500,000,0000 which shall be fully subscribed by the national government . TRUE

 The regional or area headquarters of multinational companies shal be exempt from all kinds
of local licenses ,fees,dues ,imoposts or any other local taxes or burdens. TRUE

 The Seats of the Board of directors of a TEZ operator shall be allocated pro rata according to
the respective capital contributions of the TEZ operators shareholders. TRUE

 The export sales of registered export trader should never include commission income.
FALSE

 If the registered enterprise sells ,transfers or disposes of these machinery ,equipment and
spare sparts without prior approval of the board of investment within five 5 years from date of
acquisition ,the registered enterprise and the vendee , transferee or assignee shall be
solidarily liable to pay thrice the amount of the tax exemption given it. FALSE

 The deadline for the submission of investment priorities plan by the BOI to the president is .
NOT LATER THAN THE END OF MARCH OR EVERY YEAR.

 The TPB shall be open for membership to entities ,groups and individuals with economic
,social or cultural interest in travel trade congresses and conventions. TRUE

 Sales of locally manufactured or assembled goods for household and personal use to
Filipinos abroad and other non-residents of the Philippines aswell as returning Overseas
Filipinos under the Internal Export Program of the government and paid for in convertible
foreign currency inwardly remitted through the Philippine banking systems shall also be
considered export sales.TRUE

 Without prior Bangko Sentral approval,after tax profits and other earnings of foreign
investments in enterprises in the ECOZONE may be remitted outward in the equivalent
 foreign exchange through any of the banks licensed by the Bangko Sentral ng Pilipinas in the
ECOZONE.FALSE

 The creation of special economic zones is one of the ways of the government to
encourage ,promote ,induce and accelerate a sound and balanced industrial ,economic and
social development of the country. TRUE

 The secretary of finance is the chairman of the PEZA board. FALSE

 PEZA registered locators are required to pay to the government 5% of their gross income of
which 3% will be for the local government and 2% for the national government .FALSE
 The PEZA ,in coordination with the appropriate agencies ,shall take concrete and appropriate
steps and enact the proper measure for the protection of the local environment . TRUE
 The specific and generic activities tobe included in the investment Priorities plan with their
status as pioneer or non-pioneer shall be determined by the Bureau of Internal Revenue.
FALSE
 Funding for local government capabilities enhancement programs shall be shouldered solely
by the Department of tourism. FALSE
 No money shall be paid out of the funds of any ECOZONE except in pursuance of the
budget as formulated and approved by the PEZA. TRUE
 Sale to foreign military bases,diplomatic missions and other agencies and instrumentalities
granted tax immunities ,of locally manufactured ,assembled or repacked products whether
paid for in foreign currency or not shallbe considered constructive exportation .TRUE
 Duty free Philippines Corporation is the corporate entity created out of DFP pursuant to this
republic act #7916. FALSE
 The board of investment shall be composed of how many governors . 7

 Tourism officers shall be responsible for preparing implementing and updating local tourism
laws ,rules and regulations . TRUE

 Regional or area headquarters established in the Philippines by multinational corporations

and which headquarters do not earn or derive income from the Philippines and which act as
supervisory,communications and coordinating center for their affiliates ,subsidiaries or
branches in the Asia Pacific Regional shall not be subject to income tax. TRUE
 Special investor resident visa is for aliens who invest in the Philippines an amount at least
$75,000

 Registered tourism enterprises owned and operatedby overseas Filipino investors shall enjoy
preferential incentives over other registered enterprises.FALSE
 Income Tax holiday for non-pioneer firms is 4years. TRUE
 Special economic zones are selected areas with highly developed or which have the
potential to be developed into agro-industrial,industrial
tourist/recreational,commercial,banking ,investment and financial centers. TRUE
 When the majority of the capital stock of registered enterprise is owned by foreign investors
,the position of president , treasurer and general manager or their equivalents may be retained
by foreign nationals beyond the period set forth in the law. TRUE
 Foreign investment are equity investments owned by a non Philippine national made in the
form of foreign exchange or other assets actually transferred to the Philippines and registered
with the BSP and the BOI. TRUE.
 The names of aliens granted permanent resident status and working visas by the PEZA shall
be reported to the Office of the president within thirty 30 days after issuance thereof .
FALSE
 Registered enterprise under EO#226 shall include banks and other financial institutions .
FALSE
 No officer or employee of the PEZA subject to Civil Service laws and regulations shall be
removed or suspended except for cause as provided by law. TRUE
 The TPB Chief operating Officer is a member of the board of directors of TIEZA. TRUE
 Agricutural lands may be converted for residential , commercial ,industrial and other non
agricultural purposes ,subject to the conditions set forth under Republic act No.6657. CARP
and other existing laws. TRUE
 Aliens employed by regional or area head quarters of multinational corporations are subject
to a special rate of 15% tax on gross income under current tax regulations . FALSE
 In the context of EO 226 ,processing shall mean converting of raw materials into marketable
from through physical ,mechanical , chemical,electrical,biochemical,biological or other means
or by special treatment or series of actions such as slaughtering ,milling ,pasteurizing ,drying
 or desiccating,quick freezing ,that results in a change in the nature or state of the products,
including packaging or packing . FALSE
 Under the supervision of the secretary of the Department of tourism for purposes of program
and policy coordination. TRUE
 The PEZA in coordination with the Department of labor and employment ,shall prescribe a
master employment contract for all ECOZONE enterprise staff members and workers . TRUE
