CTT

Question 1

A Filipino Citizen us a natural person who is born (before/after/on or before?) (Date?) of a Filipino (mother/father/parents?) who elects Philippine citizenship upon reaching the age of majority.

Answer 1

Born BEFORE JANUARY 17, 1973 OF A FILIPINA MOTHER.

Question 2

Explain when SURCHARGES are imposed and how it is computed.

Answer 2

Surcharges shall be computed by multiplying the tax due by either 25% or 50% depending on the following circumstances:

1. 25% SURCHARGE
   a. Failure to file and pay ON THE PRESCRIBED DATE
   b. Failure to file with the proper revenue officer
   c. Failure to pay the deficiency tax within the time prescribed for its payment in the notice of assessment
   d. Failure to pay the full or part of the amount of tax shown on any return required to be filed.
2. 50% SURCHARGE
   a. Evidence of FALSE/FRAUDULENT RETURN
   b. Under-declaration of taxable sales/receipts by up tp 30%.
   c. Willful neglect in filing

Question 3

Explain when INTEREST is imposed and how it is computed.

Answer 3

There shall be assessed and collected on any unpaid amount of tax, the interest of 12%.

ANY DEFICIENCY IN TAX DUE shall be subject to interest which shall be assessed and collected from the date prescribed for its payment until the payment thereof, or upon issuance of a notice of demand by the CIR whichever comes earlier.

Question 4

Discuss DILG Memo Circular 2016-170.

Answer 4

It states that MEDICAL/DENTAL CLINICS used for the conduct of medical/dental check-ups and procedures are taken to be established as a direct consequence of the medical profession and are EXEMPT FROM BEING SUBJECTED TO ANY OTHER NATIONAL OR LOCAL TAX, INCLUDING MAYOR’S PERMIT, provided that concerned medical professionals pay the corresponding professional tax to the province where he practices his profession.

Question 5

Bayanihan to Heal/Recover as One act is also known as?

Answer 5

RA 11469 and RA 11494.

Question 6

Bayanihan to Heal/Recover as One act has tax incentives. What are the tax incentives?

Answer 6

1. Tax incentives to DONORS OF PERSONAL COMPUTER/TABLETS/GADGETS to PUBLIC SCHOOLS USED IN TEACHING AND LEARNING (ONLY FROM JUNE 25 - DEC 19, 2020) -
   a. ) DEDUCTION FROM GROSS INCOME OF THE AMOUNT OF CONTRIBUTION/ DONATION
   b. ) EXEMPTION FROM PAYMENT OF DONOR’S TAX

Importation