Which of the following statements is NOT correct? The registered taxpayer can claim input tax credit for items used for its exempt activities. a registered taxpayer can claim input tax credit for items used for zero-rated activities. The VAT rate exempt supplies is 0%. Zero-rated goods or services are taxable for VAT at 0% i only None of the above i, ii and iv. i and iii

Which of the following statements is NOT correct? The registered taxpayer can claim input tax credit for items used for its exempt activities. a registered taxpayer can claim input tax credit for items used for zero-rated activities. The VAT rate exempt supplies is 0%. Zero-rated goods or services are taxable for VAT at 0% i only None of the above i, ii and iv. i and iii

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 6BCRQ

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Which of the following statements is NOT correct? i. If a registered taxpayer buys exempt items, there he can reclaim VAT. ii. If a registered taxpayer buys zero-rated supplies, he can reclaim VAT. iii. The rate of VAT for Exempt supplies and Zero-rated supplies is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%.
The excess of the de minimis benefits over their respective ceilings prescribed under the regulations shall be. a. Considered as part of other benefits subject to tax only on the excess over the ₽90,000 ceiling b. Both "a" and "b" c. Neither "a" nor "b" d. Not be considered in determining the ₽90,000 ceiling of other benefits excluded from the gross income under the Code, as amended.
Which of the following statements is most correct? a.Tax preference items for the alternative minimum tax are always added back to regular taxable income. b.Itemized deductions that are added back to regular taxable income for the alternative minimum tax are preference items. c.Tax preference items for the alternative minimum tax can be an increase or decrease to regular taxable income. d.All taxpayers are able to deduct the full exemption in the calculation of the alternative minimum tax.
Which of the following statements is NOT correct? a.VAT incurred wholly for making taxable supplies is claimable in full. b.Where VAT is incurred for the purpose of both taxable and exempt activities but the input tax relating to taxable supplies cannot be identified, a claim should not be made for any of the input tax. c.VAT incurred wholly for making exempt supplies is not claimable (unless the value of such supplies is not more than X% of total supplies). d.Input tax incurred for Zero-rated supplies is recoverable.
Which one of the following is not deductible when itemizing a, State income tax b, Real property tax c, Cigarette tax d, None of these
2. Creditable deductible input tax includes the following, except, a. Presumptive, transitional, and standard b. Withholding VAT C Advance payment of VAT d. Vat paid on sale of goods
Which is not one of Adam Smith's canons (principles) of taxation A. Economy in collection B. Certainty OC. Convenience of payment D. Simplicity E. None of these
Indicate which of the following statements on the taxation of income from real estate under Personal Income Tax is correct: Income from real estate will be allocated to the general taxable base. Should this income be negative, it can be offset exclusively against capital gains in the savings taxable base. A 60% tax reduction on the net income is granted in any case. Income from real estate will be allocated to the savings taxable base. Which of the following types of income MUST NOT be allocated to the savings taxable base? Dividends from a quoted company O The payment of a public subsidy linked to the constitution of a start-up corporation project Income from the redemption of units in a collective investment undertaking Income from the transfer of a bond
27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal year
S1- Individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration is non-VAT and their gross sales or receipts do not exceed the VAT threshold and their transactions are not exempted from business tax. S2-Non-individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration is non-VAT and their gross sales or receipts do not exceed the VAT threshold and their transactions are not exempted from business tax. O $1 is true O Both arce true O Both are false 52 is true
1.The definition of gross income in the tax law is: A. All items specifically listed as income in the tax law B. All cash payments received for goods provided and services performed C. All income from whatever source derived D. All income from whatever source derived unless the income is earned illegally 2.Which of the following is not taxable for income tax purposes? A.Prizes B.Severance pay C.Gifts D.Partnership income E.All of the above are taxable 3.All of the following items are taxable to the taxpayer receiving them, except: A.Life insurance proceeds B.Unemployment compensation C.Embezzled funds D.Prizes E.Gambling winnings
The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally