BTAX211 Special LQ2 Midterms (AY24-25 S1)

MCIT (Minimum Corporate Income Tax) is not applicable to non-resident foreign corporations

• TRUE

• FALSE

If a corporation follows calendar year, its annual income tax is due on the 30th day of the fourth month of the following year.

• TRUE

• FALSE

A joint venture with energy operations under service contract with the Government is considered a "corporation" for income tax purposes.

• TRUE

• FALSE

Non-resident foreign corporations are taxed on gross income from within the Philippines only.

• TRUE

• FALSE

Cash dividends received by a domestic corporation from a resident foreign corporation are not exempt from Capital Gains Tax (CGT).

• TRUE

• FALSE

For income tax purposes, the term “corporation” includes general partnership.

• TRUE

• FALSE

Non-resident foreign corporations are not allowed to claim itemized deductions.

• TRUE

• FALSE

Under CREATE law, one criterion to avail of 20% NIT is that net taxable income should not exceed PHP6million.

• TRUE

• FALSE

The corporate quarterly return shall be filed within 60 days following the close of each of the first three quarters of the taxable year.

• TRUE

• FALSE

CREATE Law is applicable to corporations starting July 1, 2020

• TRUE

• FALSE