If ZZZ Corp., a domestic corporation registered and commenced operations in 2019, the MCIT shall apply when? a. 2021 b. 2022 c. 2023 d. 2024

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Select the correct answers for the following: 

If ZZZ Corp., a domestic corporation registered and commenced operations in 2019, the MCIT shall apply when?

a. 2021

b. 2022

c. 2023

d. 2024

 

If Inday, a CPA, established a partnership with Nico, a Certified Internal Auditor, to engaged in business consultancy service, the partnership is:

a. Taxable as a corporation

b. Is not allowed by law

c. A general professional partnership

d. Is exempted from taxation as the partners ae the ones liable for the tax

 

With the intention of limiting contact by taxpayers when dealing with the Bureau of Internal Revenue and at the same time save time and money, the Bureau allowed on-line filing of returns and other reports. This is in keeping with:

a. Fiscal adequacy
b. Administrative Feasibility
c. Uniformity in taxation
d. Theoretical justice

Professional tax collected by treasurers of LGUs is an example of:
a. Privilege tax
b. Direct tax
c. Income tax
d. Specific tax

 

 

 

 

 

 

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