14. Cash and/or property dividends shall be subject to 10% final withholding tax if actually or constructively received from

I.Domestic companies or from joint stock companies.

II.Insurance or mutual fund companies.

III.Regional operating headquarters of multinationals

IV.Philippine branch of a foreign corporation.

a. IV only

b. I, Il and III only

c. I only

d. I and II only

15. A resident citizen received a prize of P50,000. Which of the following statements is correct in connection with the imposition of final tax on the prize?

a. The first P10,000 is exempt from tax, the remaining P30,000 is subject to 20% final tax.

b. The first P10,000 is subject to Section 24(A), the remaining P30,000 is subject to 20% final tax.

c. The whole amount shall be subject to 25% final tax.

d. The whole amount shall be subject to 20% final tax.

16. Which of the following passive income is exempt from tax when received by resident citizen and non-resident aliens engaged in trade or business in the Philippines, but subject to 25% final tax when received by nonresident aliens not engaged in trade or business?

a. Yield or any other monetary benefit from trust funds and similar arrangements.

b. Other winnings.

c. Prizes of more than P10,000.

d. Interest income from long-term deposit or instrument evidenced by certificates prescribed by the Bangko Sentral ng Pilipinas.

17. A resident citizen received a raffle prize of P40,000 from NBA while watching a basketball game between LA Lakers and Boston Celtics in LA California, USA. Which of the following statements is correct?

a. The first P10,000 is part of his taxable income while the remaining P30,000 is subject to 20% final tax

b. The first P10,000 shall be exempt from tax while the remaining P30,000 is subject to 20% final tax

c. The whole amount of P40,000 shall be subject to 20% final tax

d. The whole amount of P40,000 is part of his taxable income

18. Which of the following income is taxable in the Philippines?

a. Salary received for working abroad by a nonresident citizen

b. Cash dividend received by a nonresident citizen from a foreign corporation

c. Business income earned in USA by an American citizen residing in Palawan

d. Interest income in the Philippines earned by a non resident alien

23. Statement 1: There is capital gain tax on shares of stock only if the Snares are those of a domestic corporation held as capital asset and not listed and traded in a local stock exchange.

Statement 2: The capital gain tax on shares of stock is paid within thirty days from the date of sale.

A.Statements 1 & 2 are false

B.Statement 1 is true but statement 2 is false

C.Statement 1 is false but statement 2 is true

D.Statements 1 and 2 are true