Foreign income is subject to final tax if the taxpayer

is taxable on global income. F/T

F
T/F. Items of passive income rom abroad are subject
to final tax.
F
T/F. Interest income on government securities are
subject to final tax.
T
T/F. All items of passive income are generally
subject to final tax.
F
T/F. Final tax is collected at source; hence, there is
no need to file an income tax return.
T
T/F. Corporations are tax-exempt on inter-corporate
dividends from any corporation.
F
T/F. Individuals and corporations are tax-exempt on
interest income on long-term deposits.
F
T/F. Dividends from resident corporations are
subject to regular tax.
T
T/F. Dividends from real estate investment trusts are
exempt from final tax.
F
T/F. Stock dividends are always exempt from final
tax.
F
T/F. Corporations are subject to final tax on prices.
F
T/F. The share in the net income of a business
partnership is subject to a creditable withholding tax,
not final tax.
F
T/F. General professional partnerships are subject to
final tax but not to regular tax.
F
T/F. All non-residents are exempt from final tax on
foreign currency deposits.
T
T/F. Royalties, active or passive, are subject to
regular income tax.
F
T/F. The tax sparing rule is applicable to resident
and non-resident foreign corporations.
F