Which of the following statement is/are true 1.The fringe benefit tax shall be treated as a final income tax on the employee which shall be withheld and paid by the employer on a calendar quarterly basis as provided under the Tax Code. 2. The grossed-up monetary value of the fringe benefit represents the whole amount of income realized by the employee which includes the net amount of money or monetary value of property which has been received plus the amount of fringe benefit tax thereon otherwise due from the employee but paid by the employer for and in behalf of his employee. 3. A taxpayer earning pure compensation income may avail of the 8% optional tax if his total compensation does not meet the VAT threshold. 4. A taxpayer earning pure business income may avail of the 8% optional tax if he his sales or revenue does not meet the VAT Threshold 5.The prescriptive period for NOLCO shall continue to run despite availment by the taxpayer of the OSD. 6. A taxpayer using OSD for the taxable year may carry over in such current year an operating loss of the previous year. 7.OSD for an individual taxpayer shall be 40% of the gross income. 8.OSD for a corporate taxpayer shall be 40% of the gross sales or revenue.
Which of the following statement is/are true
1.The
2. The grossed-up monetary value of the fringe benefit represents the whole amount of income realized by the employee which includes the net amount of money or monetary value of property which has been received plus the amount of fringe benefit tax thereon otherwise due from the employee but paid by the employer for and in behalf of his employee.
3. A taxpayer earning pure compensation income may avail of the 8% optional tax if his total compensation does not meet the VAT threshold.
4. A taxpayer earning pure business income may avail of the 8% optional tax if he his sales or revenue does not meet the VAT Threshold
5.The prescriptive period for NOLCO shall continue to run despite availment by the taxpayer of the OSD.
6. A taxpayer using OSD for the taxable year may carry over in such current year an operating loss of the previous year.
7.OSD for an individual taxpayer shall be 40% of the gross income.
8.OSD for a corporate taxpayer shall be 40% of the gross sales or revenue.
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