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  • Quiz 6 INCTAX Discoveries

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    Joshua Lising
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    The document discusses several tax-related topics in the Philippines. It notes that interest earned by life insurance beneficiaries is subject to tax even if the policyholder passes away. It also states that tax refunds are generally considered taxable income. The document also identifies tips and gratuities as a gray area of tax law, noting they can either be taxable compensation or tax-exempt depending on how they are paid and accounted for.

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    The document discusses several tax-related topics in the Philippines. It notes that interest earned by life insurance beneficiaries is subject to tax even if the policyholder passes away. It also states that tax refunds are generally considered taxable income. The document also identifies tips and gratuities as a gray area of tax law, noting they can either be taxable compensation or tax-exempt depending on how they are paid and accounted for.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    12 views1 page

    Quiz 6 INCTAX Discoveries

    Uploaded by

    Joshua Lising
    The document discusses several tax-related topics in the Philippines. It notes that interest earned by life insurance beneficiaries is subject to tax even if the policyholder passes away. It also states that tax refunds are generally considered taxable income. The document also identifies tips and gratuities as a gray area of tax law, noting they can either be taxable compensation or tax-exempt depending on how they are paid and accounted for.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Na-discover ko na:

    1. Ang premium ng life insurance, kapag namatay na ang nagbayad ng


    premium, ang interest na ma-e-earn ng kaniyang beneficiaries ay
    masusubject pa din sa Tax even if he didn’t outlived the policy. Akala ko kasi
    kahit yung interest doon, ay exempt if sa beneficiary naman mapupunta.
    2. Ang tax paid na subsequently refunded ay – “generally” taxable

    Grey areas:

    1. TIPS AND GRATUITIES:


     Tips paid directly to employee by the customer which is not accounted for
    by the employer
     Tips paid directly to employee by the customer which is accounted for by
    the employer – compensation income (Tabag book)

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