Lesson 4: Tax Reform for Acceleration and Inclusion

Question 1

TRAIN stands for

Answer 1

tax reform for acceleration and inclusion (TRAIN)

Question 2

TRAIN

Answer 2

RA 10963

Question 3

it reformed the philippine tax system

Answer 3

TRAIN

Question 4

taxable income =

Answer 4

gross income - deductions

Question 5

tax rate for income within 0-250k

Answer 5

0%

Question 6

tax rate for income within 250,001-400k

Answer 6

20%

Question 7

tax rate for income within 400,001-800k

Answer 7

25%

Question 8

tax rate for income within 800,001-2M

Answer 8

30%

Question 9

tax rate for income within 2,000,001+

Answer 9

32%

Question 10

standard rate for vat

Answer 10

12%

Question 11

what is exempt from VAT

Answer 11

necessities and healthcare

Question 12

VAT stands for

Answer 12

value-added tax

Question 13

DST rate

Answer 13

php 1.50-3.00 per document

Question 14

DST stands for

Answer 14

documentary stamp tax

Question 15

CGT rate

Answer 15

6% of gains from the sale of property

Question 16

CGT stands for

Answer 16

capital gains tax

Question 17

donor’s tax rate for donations above 100k

Answer 17

6%

Question 18

who is exempt from tax

Answer 18

minimum wage earners, senior citizens, PWD, certain benefits

Question 19

benefits exempt from tax

Answer 19

13 month pay and bonuses