Changgu, a Korean who resides in Philippines has deposited in an expanded foreign currency in 2024 with the amount of 30,000 to have a yield of 12% annually. He is to be taxed at:*1 pointFinal tax of 25%Regular Income tax of 8%Final tax of 15%None, he is exempted.

Chen Santiago, a citizen of the Philippines who works as a full time employee in an Offshore Banking Unit started his employment since 2016. In the year of 2017, how much tax rate will he get imposed of?*1 point10%25%15%None, exemptedCannot be determined

What is the tax on the interest, commission, discounts and all other items treated as gross income of other non-bank financial intermediaries doing business in the Philippines?Select one:a.0% on the gross receipts.b.1% on the gross receipts.c.7% on the gross receipts.d.5% on the gross receipts.

Jingyi is a foreign resident for Australian taxation purposes.Her receipts (all in Australian dollars) for the current income year were:• $40,000 from a rental property in Brisbane.• $20,000 while employed in the United Kingdom ($6,000 in income tax was collected in theUK from this income).• $10,000 from an unfranked dividend from an Australian company that derives its profits inAustralia (and was subjected to withholding tax).• $2,000 dividend from a Korean company (the company derives its profits in Korea).Jingyi’s Australian ASSESSABLE INCOME for the current income year would be:[A] $40,000[B] $50,000[C] $52,000[D] $66,000[E] $72,000

Taxation is a reality that all citizens must conten with for primary reason thatgovernments raise revenue from the peple they govern to be able to funnctionally fully.Taxation, as a government mechanis to raise funds, developed and evolved throughtime, and in the context of the Philippines, we must understand that it came with ourcolonial experience.*TRUEFALSEThe arrival of the Spaniards altered a subsistence economy, for which theyimposed the payment of tributos (tributes) from the Filipinos. The purpose is to generateresources to finance the maintenance of the islands, such as salaries of governmentofficials and expenses of the clergy.*TRUEFALSETwo direct taxes were added in 1878 and imposed on urbanincomes. Rural is a tax on the annual rental value of an urban real estate andindustria is a tax on salaries, dividends, and profits. These taxes were universal andaffected all kinds of economic*TRUEFALSEForced labor was a character of Spanish colonial taxation in the Philippinesand was required from the Filipinos. Through the polo system, male Filipinos wererequired to provide labor for 30 days a year (reduced to 15 days a year in 1884).*TRUEFALSEDuring the Commonwealth period, income tax rates were increased in 1936,adding z surtax rate on individual net incomes in excess of 10, 000 pesos. Income taxeswere also increased. In 1937, the cedula tax was abolished, but in 1940, a residencetax was imposed on every citizen aged 19 years old and on every corporation.*TRUEFALSEThe impetus for economic growth came during the time of President ElpidioQuirino through the implementation of import and exchange controls that led to importsubstitution development. While the succeeding presidencies of Magsaysay, Garcia,and Macapagal promised to study the tax structure and policy of the country through thecreation of a Tax Commission in 1958 by means of Republic Act No. 2211 to make away for a more robust and efficient tax collection.*TRUEFALSEThe government in the term of Gloria Macapagal Arroyohad look for additional sources of revenue, and in 2004, the Expanded Value-Added Tax(E-VAT) was signed into law as Republic Act 9337.*TRUEFALSEAs President Benigno Aquino III succeeded President Arroyo in 2010, theadministration ventured into the adjustment of excise tax on liquor and cigarettes or theSin Tax Reform, motivations for which was primarily fiscal, public health, and socialorder-related considerations. Republic Act 10251 was passed, and governmentrevenues from Alcohol and tobacco excise taxes increased.*TRUEFALSEThe Ramos administration ventured into its own tax reform program in 1997through the Comprehensive Agrarian Reform Program, which was implemented tomake the tax system broad-based, simple, and with reasonable tax rates; minimize taxavoidance allowed by existing flaws and loopholes in the system; encourage paymentsby decreasing tax exemption levels, lowering the highest tax rates, and simplifyingprocedure; and rationalize the grant of tax incentives, which was estimated to be worth531.7 billion pesos in 1994.*TRUEFALSEReliable source of revenue forthe government, new tax laws would reduce its reliability as legislated exemptions grew.*TRUEFALSE

Federico already gave up his Philippine citizenship. He sold his shares of stock in PLDT through the New York Stock Exchange. Is the income derived from this sale from the Philippines or obtained abroad?See: Sec. 42 of the National Internal Revenue Code https://www.chanrobles.com/legal6title8.htm#42Links to an external site.Group of answer choicesThe income is derived from the PhilippinesThe income is derived from outside the Philippines