Homework Help is Here – Start Your Trial Now!
Business
Accounting
All of the following statements are incorrect, except

All of the following statements are incorrect, except

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS