All of the following statements are incorrect, except

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Please answer the 2 questions being posted

Statement 1: It is the length of stay
within or outside the Philippines which
primarily determines the residency of
a citizen or alien. Statement 2: In the
absence of proof as to the intention
of a taxpayer, the length of stay within
or outside the Philippines shall be
considered in classifying the taxpayer
either as resident or non-resident. *
Both statements are true
Both statements are false
Only statement 1 is true
Only statement 2 is true
Transcribed Image Text:Statement 1: It is the length of stay within or outside the Philippines which primarily determines the residency of a citizen or alien. Statement 2: In the absence of proof as to the intention of a taxpayer, the length of stay within or outside the Philippines shall be considered in classifying the taxpayer either as resident or non-resident. * Both statements are true Both statements are false Only statement 1 is true Only statement 2 is true
All of the following statements are
incorrect, except
BIR Rulings prevails over Local Tax
Ordinance on matters concerning barangay
taxes.
General provisions under Tax Code prevail
over BIR Regulations.
There is a violation of law if revenue
regulations and rulings made by the
Secretary of Finance are not followed by his
successor.
Revenue regulations have the effect of tax
law unless in conflict with the law.
Transcribed Image Text:All of the following statements are incorrect, except BIR Rulings prevails over Local Tax Ordinance on matters concerning barangay taxes. General provisions under Tax Code prevail over BIR Regulations. There is a violation of law if revenue regulations and rulings made by the Secretary of Finance are not followed by his successor. Revenue regulations have the effect of tax law unless in conflict with the law.
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