QUIZ 6

Question 1

51. A foreign corporation could either be resident or non-resident.

True
False

Answer 1

True

Question 2

52. A foreign corporation is subject to tax only on income from Philippine sources.

True
False

Answer 2

True

Question 3

53. In general, net income from all sources of domestic corporations is taxable at 30%.

True
False

Answer 3

False

25%

Question 4

54. Resident foreign corporations are taxed in the same manner as domestic corporations.

True
False

Answer 4

True

Question 5

55. Government owned or controlled which are exempted from income taxes includes Social Security System (SSS).

True
False

Answer 5

True

Question 6

56. Gross Philippine Billing of International Air Carrier means gross revenue whether for passenger, cargo or mail originating from the Philippines up to final destination, regardless of the place of sale or payments of the passage or freight documents.

True
False

Answer 6

False

*Carriage person

Question 7

57. Resident foreign corporation which is an international carrier is taxable with its gross Philippine billings at:

2.5%

7.5%

10%

0%

15%

5%

Answer 7

2.5%

Question 8

58. It is a foreign corporate entity engaged in trade or business in the Philippines which is taxed as domestic corporation.

• non-resident foreign corporation
• resident foreign corporation
• domestic corporation
• All of the choices
• Other:

Answer 8

• resident foreign corporation

Question 9

59. It is a foreign corporation in the Philippines that is allowed by SEC to do business in the Philippines in such activities it normally does in its home country.

**
- branch
- regional or area headquarters
- representative office
- regional operating headquarters
- Other:

Answer 9

branch

Question 10

60. CREATE Act is short term for:*

• Corporate Recovery and Tax Incentives for Enterprises
• Corporate Resiliency and Tax Incentives for Enterprises
• Corporate Recovery and Tax Incentives for Entities
• Corporate Recovery and Tax Income for Enterprises
• Corporate Resiliency and Tax Income for Enterprises
• Other:

Answer 10

• Corporate Recovery and Tax Incentives for Enterprises

Question 11

61. It is subject to tax on its worldwide income.

**
- resident foreign corporation

• non-resident foreign corporation
• All of the choices
• domestic corporation
• Other:

Answer 11

• domestic corporation

Question 12

62. It is a foreign corporation required to make an annual inward remittance of capitalization amounting to $200,000.00.

**
- regional operating headquarters

• representative office
• Branch
• regional or area headquarters
• Other:

Answer 12

• regional operating headquarters