Taxation Finals

A government employee may claim the tax informer's reward.

• True

• False

The final tax on winnings applies to corporations.

• True

• False

Individuals, except corporations, are subject to final tax on winnings abroad.

• True

• False

Winnings which are not more than P10,000 in amount are subject to the regular income tax.

• True

• False

PCSO or lotto winnings are exempt from all types of income tax.

• True

• False

Special aliens do not file a regular income tax return on their compensation income.

• True

• False

The final tax on interest on tax-free corporate covenant bonds applies only to resident individual or corporate taxpayers.

• True

• False

NRA-NETB and NRFC are subject to final tax or ly to passive income from sources in the Philippines.

• True

• False

NRA-NETB and NRFCs are not required to file the regular income tax return.

• True

• False

Residents shall withhold 10% final tax upon interest on foreign currency loans of FCDU banks and OBUs under the expanded foreign currency deposit system.

• True

• False