DIAGNOSTIC TEST

TRAIN LAW

1. What is the highest tax rate for individuals receiving purely compensation income?

2. Who can avail of the 8% final tax?

3. What is the tax on sale of an apartment building being rented out?

4. Are Filipino nurses working abroad subject to Philippine income tax?

5. Is there an optional standard deduction for income tax purposes for both individual and
corporate?

6. Will an estate have an optional standard deduction, if the decedent died in 2018?

7. If donor’s and estate tax rates are the same at 6%, will there be any difference in the tax
payable? Under what circumstances?

8. What are the three groups of taxpayers in terms of VAT rates?

9. What is the difference between input VAT and output VAT?

10. What are the applicable taxes in case of sale of shares of stock?

CREATE LAW

11. Give a provision in the NIRC that was repealed by CREATE.

12. What is now the tax rate of nonprofit, nonstock educational institutions?

13. What are the new corporate income tax rates?

14. When did the CREATE Law become effective?

15. What is the change in the net operating loss carry-over (NOLCO) under CREATE?

16. Give two corporate taxpayers which are now taxed at a higher income tax rate.

17. What is now the VAT threshold for sale of land that is not a capital asset?

18. What are the changes effected by CREATE on VAT? Give 2.

19. Cite two provisions under CREATE that are time bound.

20. How did the passing of CREATE affect Section 40(C) of the NIRC?