Explain the following: 1. Transactions deemed sales 2. Goods or Properties 3. Tax Base
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Explain the following:
1. Transactions deemed sales
2. Goods or Properties
3. Tax Base
4. Gross Selling Price
5. Tax Rates in the Philippines
6. Export Sales
7. Other Zero-Rated Sales
8. Output Tax'
9. Input Tax
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- taxes commonly used by many countries includes: - import duty payable on specific types of imprted goods - individual income tax usally deducted at source - corporated income tax - value added tax which of the above would normally be difined as direct taxation a - 1 and 2 b - 2 and 4 c- 2 and 3 d- 1 and 48. Imposed on dividend, interest, and royalty payments to foreign investors. This is: a. Border tax b. Transfer tax c. Withholding tax d. Value-added tax.Calculation of Foreign Tax Credit (here is the answer for A&F. You need to complete Basket B&D and Basket E
- Do a comparative analysis of taxation in Kenya, Uganda and Tanzania showing how these countries have addressed the following tax matters: i. Income tax ii. Customs tax iii. Excise tax iv. Value added taxIf a country devalues its currency, it is implementing an implicit___ policy on exporters and an implicit____ policy on importers.a. Price subsidies; tax collectionb. Price subsidies; price subsidyc. Tax collection; price subsidyd. Tax collection; tax collectiontaking into account tax framework and below table which shows two different countries tax rates, based on below tax rates in which country do you prefer to live? why? Country A Country B Taxes of Income %55 %40 Taxes of Consumption %20 %28 Taxes of Wealth %19 %13 Taxes on Transactions %12 %16
- MC: Topic: Income Taxation Passive income is income that requires minimal labor to earn and maintain. In the Philippines, certain items of passive are subject to final tax. Which of the following are passive income subject to final tax? * Rental income on real property located in the Philippines Rental income on personal property located in the Philippines Interest income on savings deposit with a local bank All of the above1. Which of the following is not deductible from gross income? a. Transportation expense from the main office to the branch b. Transportation expense from home to the office and from the office back to home c. Travel expenses on business trips d. Travel expenses while away from home in the pursuit of trade, business or profession. 2. Examples of taxes that are deductible except: a. Occupation tax b. Privilege tax c. Documentary stamp tax d. Philippine income taxWhich of the following is not a basic feature of Philippine Income Taxation? a.Comprehensive tax situs b.Uniformity of rates c.Mainly progressive in nature d.More schedular than global features
- Which of the following are the objectives of the taxation in Oman? (1) To provide employment benefit (2) To reduce aggregate demand in the economy (3) demand for the imported To reduce goods (4) To correct the favorable balance of раayments O a. (1) and (2) only O b. (3) and (4) only C. (2) and (3) only O d. (1) and (4) only1. Consult the relevant proclamations and regulations to discuss elaborately how the following types of income are taxed in Ethiopia Royalties Income from rendering of technical services Income from game of chance Income from Dividends Income from casual rental of property Interest income on deposits Gain on transfer of certain investment property 2. Briefly discuss the procedure for withholding income tax on payments 3. Describe briefly the tax declaration and assessment procedures for category A and category B business income tax payers.INSTRUCTION: 1. On each transaction below, determine the tax type whether it is subject to Basic Income Tax (BIT), Final Withholding Tax (FWT) or Exempt (E) from income tax. 2. On the tax rate column, write the respective rates of the tax type from 0% to 32% , Exempt or Graduated Tax Rate (GTR). TRANSACTIONS TAX TYPE TAX RATE1. Royalties, books published in the Philippines2. Interest from overdue accounts receivable, Philippines 3. Interest from peso bank deposit, BPI, Quezon City 4. Interest from US dollar bank deposit, BDO, Manila 5. Prizes amounting to P30,000, Philippines 6. Prizes amounting to P10,000, Philippines 7. Compensation income, Philippines 8. Gain from sale of car for personal use 9. Dividend income from a domestic corporation by a nonresident alien not engaged in trade or business..10. Interest income from long-term bank deposit by a resident alien. 11. Dividend income from a resident foreign corporation. 12. Gain on sale of real properties used in business 13. P15,000…