Question 1

Which of the following is not an income tax scheme?

Accepted Answer

Business Taxation

Answer

Regular Income Taxation

Answer

Final Income Taxation

Answer

Capital Gains Taxation

Question 2

What is the length of time over which income is measured and reported; it is the taxable year or is a fixed period of time, consisting of 12 months, upon the basis of which taxable income is computed and income tax is imposed?

30

Accounting period

Calendar year

Answer not given

Fiscal year

Accepted Answer

Accounting period

Answer

Calendar year

Answer

Answer not given

Answer

Fiscal year

Question 3

Which income tax scheme is characterized by withholding tax due from taxpayer by an agent?

Accepted Answer

Final income taxation

Answer

Excise taxation

Answer

Value added taxation

Answer

Other percentage tax

Question 4

Which of is NOT a feature of final tax?

Accepted Answer

Covers all capital gains

Answer

Answer not given

Answer

Covers certain passive income

Answer

Withholding tax at source

Question 5

Which is not an item of passive income?

Accepted Answer

Professional income

Answer

Deposit interest income

Answer

<P>Royalties</P>

Answer

<P>Prizes</P>

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