BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: –A nonresident owner or lessor of vessels shall be subject to a tax of four and one-half percent (4 1/2%) of gross rentals, lease or charter fees from leases or charters to Filipino citizens or corporations, as approved by the Maritime Industry Authority.
Detailed explanation-2: -An NRFC is generally taxable at 25% final withholding tax (FWT) and at 12% final withholding value-added tax (FWVAT). It is vital that you, as the withholding agent, perform your role, as the Bureau of Internal Revenue (BIR) can run after you, and not after the NRFC, to check up on your withholding tax compliance.
Detailed explanation-3: -Dividends received by a domestic or resident foreign corporation from another domestic corporation are not subject to tax. These dividends are excluded from the taxable income of the recipient.
Detailed explanation-4: -Corporate Tax The corporate income tax rate both for domestic and resident foreign corporations is 30% based on net taxable income.