What tax remedy is provided by the Tax Code to minimize the impact of indirect double taxation on those income that have already been subject to tax in other countries but still taxable in the Philippines?
What tax remedy is provided by the Tax Code to minimize the impact of indirect double taxation on those income that have already been subject to tax in other countries but still taxable in the Philippines?
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 3QD
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Question
What tax remedy is provided by the Tax Code to minimize the impact of indirect double taxation on those income that have already been subject to tax in other countries but still taxable in the Philippines?
Allowable deduction
Tax credit
Tax refund
Tax exemption
All of the following, except one, are considered as “constructive receipts” for income tax purposes. Which is the exception?
Interest credited on bank savings account.
The share of the profits of a partner in a general professional partnership .
Bond interest coupons which have matured but which have not been redeemed.
Property borrowed by the taxpayer.
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