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    Q Unfortunately, The Legislative Branch Failed To Amend Under Ra No. 10963 (Train Law) The Tax Rate With Respect To Rfcs. 27

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    Rosemarie Cruz
    The document provides information on tax rates for different types of income for domestic corporations (DC), resident foreign corporations (RFC), and non-resident foreign corporations (NRFC) both before and beginning January 1, 2018 or upon effectivity of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. It lists the tax rates for interest income from deposits, royalty income, and royalty income from books. It also provides a multiple choice question asking to identify the taxable income for a domestic corporation with various revenue items in 2018.

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    Q Unfortunately, The Legislative Branch Failed To Amend Under Ra No. 10963 (Train Law) The Tax Rate With Respect To Rfcs. 27

    Uploaded by

    Rosemarie Cruz
    40 views3 pages
    The document provides information on tax rates for different types of income for domestic corporations (DC), resident foreign corporations (RFC), and non-resident foreign corporations (NRFC) both before and beginning January 1, 2018 or upon effectivity of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. It lists the tax rates for interest income from deposits, royalty income, and royalty income from books. It also provides a multiple choice question asking to identify the taxable income for a domestic corporation with various revenue items in 2018.

    Original Title

    Royalty Income

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    The document provides information on tax rates for different types of income for domestic corporations (DC), resident foreign corporations (RFC), and non-resident foreign corporations (NRFC) both before and beginning January 1, 2018 or upon effectivity of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. It lists the tax rates for interest income from deposits, royalty income, and royalty income from books. It also provides a multiple choice question asking to identify the taxable income for a domestic corporation with various revenue items in 2018.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    40 views3 pages

    Q Unfortunately, The Legislative Branch Failed To Amend Under Ra No. 10963 (Train Law) The Tax Rate With Respect To Rfcs. 27

    Uploaded by

    Rosemarie Cruz
    The document provides information on tax rates for different types of income for domestic corporations (DC), resident foreign corporations (RFC), and non-resident foreign corporations (NRFC) both before and beginning January 1, 2018 or upon effectivity of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. It lists the tax rates for interest income from deposits, royalty income, and royalty income from books. It also provides a multiple choice question asking to identify the taxable income for a domestic corporation with various revenue items in 2018.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    25.

    Interest income received from a depository bank under


    deposit system prior to 2018 shall be subject to:
    DC RFC NRFC
    a. 20% 20% 20%
    b. 71/2% 7 ’/2% Exempt
    c. 15% 15% Exempt
    d. 15% 71/2% Exempt
    26.
    expanded foreign currency

    Interest income received from a depository bank under expanded foreign currency deposit system
    beginning January 1,2018 or upon effectivity of the TRAIN Law shall be subject to: ,
    DC RFC NRFC
    a. 20% 20% 20%
    b. 7 1
    / 2 % 7 1
    / 2% Exempt
    c. 15% 15% Exempt
    15% 71
    / % Exempt
    d.❖ Answer: B 2

    /
    ❖ Answer: D
    Q Unfortunately, the legislative branch failed to amend under RA No. 10963 (TRAIN Law) the tax rate with respect to RFCs.

    27. Royalty income received by a corporation prior to 2018 shall be subject to:
    DC RFC NRFC
    a. 20% 20% 30%
    b 7 /2 %
    1
    7 /2 %
    1
    Exempt
    c. 15% 15% Exempt
    d. 15% 7 1/2% Exempt

    *
    ❖ Answer: A

    28. Royalty income received by a corporation beginning January 1, 2018 or upon effectivity of the
    TRAIN Law shall be subject to:

    DC RFC NRFC

    a. 20% 20% 30%


    b. 71/2% 71/2% Exempt
    c. 15% 15% Exempt
    d. 15% 7%% Exempt
    ❖ Answer: A
    U) The tax rate for royalty income was not amended under TRAIN Law.

    29. Royalty income from books received by a corporation prior to 2018 shall be subject to:
    DC RFC NRFC
    a. 10% 10% 30%

    b. 20% 20% 30%


    c. 15% 15% Exempt
    d. 15% 71/2% Exempt

    ❖ Answer: B
    £□ The 10% tax rate on royalty from books and literary works for individual taxpayers is not
    applicable to corporate taxpayers.

    30. Royalty income from books received by a corporation beginning January 1, 2018 or upon effectivity of the TRAIN Law shall be subject to:

    DC RFC NRFC

    a. 10% 10% 30%


    b. 20% 20% 30%
    c. 15% 15% Exempt
    d. ' 15% 71/2% Exempt

    ❖ Answer: B
    £3 The tax rate for royalty income was not amended under the TRAIN Law

    31. During the 2018, a domestic corporation derived the following items of revenues:
    A. Gross receipts from a trading business. P500,000
    B. Interests from money placements in the banks, P30,000
    C. Dividends from its stock investments in domestic corporations, P20,000
    D. Gains from stock transactions through the Philippine Stock Exchange. P50,000
    E. Proceeds under an insurance policy on the lost of goods,-P100,000 How much should the corporation report as taxable
    income?
    a. P500,000 ’ c. P600,000
    b. P550,000 d. P650.000

    ❖ Answer: A

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