Guide Questions For Finals

1. Tax imposed on the gratuitous transfer of property.
2. What kind of donation is subject to donor’s tax?

3. Who is the taxpayer in estate taxation?
4. What are the underlying theories for the imposition of estate tax?
5. What is a donation mortis causa?
6. What are the properties covered by the reciprocity exemption?
7. When does estate tax accrue?
8. What happens to the proceeds of life insurance policies that are revocably designated by the
decedent to any beneficiary?
9. What does gross estate mean?
10. How much is the standard deduction of a non-resident alien?
11. When can a loss be considered non-deductible in estate tax?
12. What are revocable transfers?
13. Properties in a foreign country are not subject to estate tax for a
14. What expenses are previously deductible under the old law but are no longer allowed under the
TRAIN law?
15. What is a foreign tax credit?
16. What is the purpose of the foreign tax credit?
17. What is input tax?
18. How is input VAT usually reflected in the invoice or receipt?
19. What are the requisites of a creditable input VAT?
20. Mandatory or voluntary registration as a VAT taxpayer
21. Who are considered common carriers for purposes of percentage tax?
22. What is the reason why marginal income earners are exempt from business tax?
23. When should VAT taxpayers stop paying VAT?
24. What is the 3-year lock-in period for VAT registration?
25. When are prescription drugs and medicines for cancer, mental illness, tuberculosis, and kidney
diseases exempt from VAT?
26. What is the difference between vatable sales and exempt sales?
27. What government agency is responsible to determine if the ingredients for livestock and poultry
feeds are not unfit for human consumption?
28. What is the purpose of taxing transfers for less than an adequate and full consideration?
29. What types of property are covered under the context of donor’s taxation?
30. Under what circumstances can a donor receive a tax credit for donor’s taxes paid to a foreign
country?
31. What are transactions deemed sale?
32. What are the transactions subject to VAT?
33. What are zero-rated transactions?
34. Calls exempted from overseas communication tax
35. What is a tax credit?
36. What is a percentage tax?
37. What is the tax base for the net trading gains in foreign currencies, debts, securities, derivatives,
and other financial instruments?
38. What are the two types of international carriers?
39. What is the definition of “international carriers”?
40. Does the place of sale or issue of payment of passage documents affect the computation of
percentage tax for international carriers?
41. Who are considered common carriers for purposes of percentage tax?
42. Who is liable for paying the amusement tax?
43. Are all franchises subject to percentage taxes?
44. Can franchise grantees of radio or television broadcasting companies register as VAT taxpayers
even if their annual gross receipts do not exceed P10,000,000?
45. Can franchise grantees of radio or television broadcasting companies cancel their VAT registration
once they have exercised the option?
46. What is the 8% income tax for self-employed individuals and professionals?
47. Who are not required to file VAT returns?
48. A VAT-registered 5-star hotel has a restaurant and offers several services to their hotel customers,
including the lease of luxury vehicles to its customers. What taxes are they subject to?
49. Are purely cooperative company doing life insurance business subject to VAT?
50. Who withholds the 3% percentage tax sales to government agencies, instrumentalities, and
GOCCs?
51. What is the percentage tax applied to overseas dispatch, message or conversation transmitted
from the Philippines by telephone, telegraph, telewriter exchange, wireless and other communication
equipment services?
52. What tax applies if property owners obtain insurance directly from abroad without the services of
an insurance agent?
53. Are non-life insurance companies subject to premium tax?
54. What is the tax rate for life insurance premiums in the Philippines?
55. Is there a difference in percentage tax rate between international air carriers and international
shipping carriers?
56. valuation of real property for donor’s, estate, value-added tax purposes

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1. Tax imposed on the gratuitous transfer of property.

2. What kind of donation is subject to donor’s tax?

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