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- what is the disadvantage of not providing deferred tax?What happens when a qualified exempt importer subsequently sells what was imported to a taxable person? The sale is still exempt The taxable person shall pay for the VAT to the Bureau of Internal Revenue The taxable person shall pay for the VAT to the Bureau of Customs The importer should pay for the VATWhat types of income should not be classified as such on a tax return? Why shouldn't they be considered as income?
- Which from the following transactions may result to a business tax overpayment?If an item is excluded from income taxation, it would follow that the same islikewise exempt from other internal revenue taxes. TRUE OR FALSE?What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? j. Check for paychecks with no National Insurance or Income Tax deductions.
- What is an ‘exempt income’ and how does it affect the calculation or recovery of carry‐forward tax losses?Should we include income derived from illegal sources in the computation of gross income? Why or why not?Which is not a requisite for deductibility in general? Group of answer choices subjected to withholding tax Fringe benefits Ordinary and necessary properly substantiated connected with the trade or business
