Tax reforms

Question 1

Personal Income Tax Reforms under the TRAIN Law

Exempts the first ___ annual
taxable income of taxpayers

Answer 1

P250,000

Question 2

Personal Income Tax Reforms under the TRAIN Law

Increased the amount of tax-exempt benefits from P82,000 to ___

Answer 2

P90,000

Question 3

Personal Income Tax Reforms under the TRAIN Law

Inserted a provision that the Optional Standard Deduction by a general professional partnership
may only be availed ___

Answer 3

Once

Question 4

Estate Tax Reforms under the TRAIN Law

Removed the deductions from gross estate on funeral expenses, judicial
expenses and medical expenses but increased the amount of standard deduction from P1 million to ___

Answer 4

P5 million

Question 5

Estate Tax Reforms under the TRAIN Law

Increased the amount of deduction for family home from up to P1 million to up to ___ and removed the condition that the family home must be the decedent’s family home

Answer 5

P10 million

Question 6

Estate Tax Reforms under the TRAIN Law

Extended the period within which to file the estate tax return, from 6 months to ___ from the decedent’s death

Answer 6

1 year

Question 7

Estate Tax Reforms under the TRAIN Law

Removed the ___ withdrawal limit from the account of the decedent and allowed for the withdrawal of any amount subject to a ___ withholding tax

Answer 7

• P20,000
• 6% final

Question 8

Estate Tax Reforms under the TRAIN Law

Provided for payment by
installment if available cash is insufficient to pay the estate tax due. Payment shall be allowed within ___ from the date of payment

Answer 8

2 years

Question 9

Donor’s Tax Reforms under the TRAIN Law

Simplified the donor’s tax schedule from an eight-bracket schedule with rates from 2% to 15% to a ___ rate of 6% of total gifts in excess of P250,000

Answer 9

Single

Question 10

Donor’s Tax Reforms under the TRAIN Law

Dowries or gifts are now ___

Answer 10

Taxable