True or False: Income Tax is a direct tax.

Upon effectivity of CREATE, what is the corporate income tax rate for domestic corporation?

Which of the following income is subject to final withholding tax.

True or False: Generally, charitable and other contributions expenses are deductible in full amount.

How much is the total allowable interest expense deduction? Assume that the taxpayer is subject to 25% RCIT.

Interest Income net of FWT      8,000.00

Interest Expense                           20,000.00

What is the purpose of Minimum Corporate Income Tax (MCIT)?

True or False: Excess MCIT can be used as a tax credit, against MCIT tax due in the succeeding three years

When did the MCIT return to its previous rate of 2% of gross income?

A resident citizen is taxable on all income derived from sources

For income taxation purposes, the term “corporation” includes one of the following except:

Public educational institutions, like the University of the Philippines is deemed by law:

John is a dealer of car. During the year, he sold a Ferrari to Romeo for P15M at a margin of 20% on sales.  20% downpayment is the required and the balance is due in 24 monthly installments. Romeo made 6 monthly installments during the taxable year. How much is the initial payment?