ANSWER THE QUESTIONS LEGIBLY

WRITE YOUR BASIS IN ANSWERING EACH QUESTIONS

(30 POINTS)

3
NSWER THE QUESTIONS LEGIBLY
RITE YOUR BASIS IN ANSWERING EACH QUESTIONS

BIR Issued a Revenue Regulation requiring all tax exempt corporation to acquire a certificate of
tax exemption. ABC Corp failed to acquire such certification. Does the failure to observe the
requirements called for contsitute a waiver of the right to enjoy the exemption? ( 10 points)

What is the rationale behind withholding of taxes?

How Creditable Withhoding Tax differs from Final Tax?
(10 points)

What are the requirements in order for an expense be deductible?

Give at least one Law that provides for special deduction and explain its application
(10 points)