Mr. B, Resident citizen incurred a winning in the USA Sweep takes Lotto. What is applicable FWT if any
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Mr. B, Resident citizen incurred a winning in the USA Sweep takes Lotto. What is applicable FWT if any
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- Which of the following statements is incorrect on winnings of a resident citizen? a. Lotto winnings in the United States is subject to income tax in the Philippines d. Winnings in a raffle draw sponsored by a cigarette company is subject to tax based on the schedule of rates in the tax table if the amount involved does not exceed P10,000. c. Winnings of brand new cars in a raffle draw sponsored by SM are taxable b. Lotto winnings sponsored by the Philippine Charity Sweepstakes Office is taxable subject final taxThe winnings of a resident alien from abroad is * a. subject to regular tax. b. subject to final tax. on C. subject to either final or regular tax. d. not subject to Philippine income tax.2. Business law c. B, a Frenchman, arrived in the Philippines on January 01, 2010 and continued to live and engage in business in the Philippines. He went on a tour of South East Asia from August 01-November 05,2010. He returned to Philippines on November 06, 2010 and stayed until April 15,2011 when he returned to France. He earned during his stay in the Philippines from his investments in the country. For the year 2010, what is the taxable status of B? d. School X is a non-profit educational institution. One of its buildings was rented as a bookstore which caters to the needs of all the students. Is the income generated by the bookstore exempt from tax?
- Badges of trade are used to determine A. if an individual is UK resident or not B. whether or not a trade exists C. how much tax an individual should pay D. the age of a taxpayer 10. Unused pension allowance can be carried forward up to A. 1 year B. 3 years C. 2 years D. 6 years.Which of the following income derived from within the Philippines by a resident individual is not subject to the rates in Section 24(a) of the NIRC? a. Salary received by a managing director of a general professional partnership. b. A passive income in the form of a prize win in a raffle amounting to P4,000.00. c. A gain from sale of his personal motor vehicle as another income of a taxpayer who is a compensation earner. d. A gain on sale of a real property for private use of the family of the taxpayer.A Bangladeshi Cricket palyer , comes to india sience -2001-2002 every year to play cricket and stay here for about 120 days each year, states his residental status for the assessement year 2019-20.(indian Income Tax act 1961) A) ordinary Resident B) Non ordinary resident c) Non resident D) non of these please explain with calculation and dot use handwriten nots.
- If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. and then takes the $1 million and buys U.S. government bonds with the money how would this be recorded in the US Balance of payments according to IMF standards? OA debit in the Financial Account (other) for the inheritance and a credit in the Financial Account (portfolio) for the bonds A credit in the Capital Account (other) for the inheritance and a debit in the Financial Account (portfolio) for the bonds OA debit in the Capital Account (other) for the inheritance and a credit in the Financial Account (portfolio) for the bonds OA credit in the Financial Account (other) for the inheritance and a debit in the Financial Account (portfolio) for the bonds None of the aboveI need the answer as soon as possibleX, a non-resident citizen arrives in the Philippines on July 31, 2022 to reside here permanently after many years of living abroad. He had the following data in 2022:Gross income, foreign sources, January 1 to July 31, P500,000Gross income, Philippine sources, August 1 to December 31, P300,000Gross income, foreign sources, August 1 to December 31, P200,000How much of his gross income is subject to Philippine Income Tax?
- The following persons are your clients: Who is allowed to claim deduction? • Nicanor, an employee of ABC Corp. • ABC Corp, a foreign corporation doing business in the Philippines XYZ Corp. a foreign corporation based in Europe • Inday Manoban, a Thai-Korean and member of the PinkBlack K-Pop Group based in Korea Choices Inday Nicanor XYZ Corp АВС CorpMs. Filipina A. Ko, a Filipino, works abroad. Ms. Filipina’s work requires her to be overseas most of the time. In fact, she comes home to our country only once every two years. Her only source of income is the salary she earns abroad. Which of the following taxes will the BIR require her to pay? A. Income Tax B. Business Tax C. A and B D. None of thesesa
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