PART 1 MULTIPLE CHOICE THEORY AND PROBLEMS

40 Multiple Choice Questions (1% each)

INCOME TAXATION
Items and Concept of Income
Fringe Benefits and Fringe Benefits Tax
Exclusions from Gross Income
Taxation of Individuals
Personal exemptions
Taxation of Corporations
Taxation of Partnerships and Partners
Taxation of estates and trusts
Sources of Income
Sales or Exchanges of Capital Assets and other properties
Deductions from Gross Income
Accounting Periods and Accounting Methods
Withholding Tax System
Filing of Returns and Payment of Tax
Attachments to the return
ESTATE TAX
Properties Included in Decedents Estate
Gross Estate (Residence and Citizenship)
Gross Estate (Property Relations Between Spouses)
Gross Estate (Exclusions / Exemptions)
Deductions from Gross Estate
Net Estate, Estate Tax and Tax Credit
Filing of Return and Payment of Estate Tax
Attachments to the return
DONORS TAX
Concept of Donation and Donors Tax
Gross Gift
Deductions / Exemptions from Gross Gift
Computation of Donors Tax
Filing of Return and Payment of Gift Tax
Attachments to the return
VALUE-ADDED TAX
Introduction to Value-Added Tax
Exemptions from VAT
VAT on Sale of Goods or Properties
VAT on Sale of Services and Use or Lease of Properties
VAT on importation of goods
VAT Registration and Compliance Requirements
Filing of returns and payment of tax
OTHER PERCENTAGE TAXES
Tax on persons exempt from value-added tax (3% Non-VAT)
Percentage tax on domestic carriers and keepers of garages (Common carriers tax)
Domestic air carrier engaged in both domestic and
international transport operations
Percentage tax on international carriers
Tax on franchises
Tax on overseas dispatch, message or conversation originating from the Philippines
Tax on banks and non-bank financial intermediaries
Tax on other non-bank financial intermediaries
Tax on life insurance premiums (Premium tax)
Tax on agents of foreign insurance companies
Amusement taxes
Tax on winnings
Tax on sale, barter or exchange of shares of stock which are listed and traded through
the local stock exchange
Tax on sale, barter or exchange, or issuance of shares of stock through initial public
offering (IPO Tax)
Filing of return and payment of tax
Place of filing
ADDITIONS TO THE TAX (Civil Penalties and Interest)
RECEIPTS AND INVOICES
REAL PROPERTY TAXATION
NEW LAWS AFFECTING TAXATION
NEW ISSUANCES (Revenue Regulations, RMCs, RMO, etc)

Note:
New laws, Supreme Court decisions, Revenue Regulations, Revenue Memorandum
Circulars and Revenue Memorandum Orders are valid questions if they have become
effective at least thirty (30) days prior to the date of the examination.
 PART 2 TAX PRACTICE (60%)
(ACCOMPLISHING BIR FORMS)

Two (2) Forms to be accomplished based on a given information

0605 Payment Form

Remittance Return of Percentage Tax on Winnings and Prizes Withheld
1600WP
by Race Track Operators
Monthly Remittance Return of Income Taxes Withheld on
1601C
Compensation
Monthly Remittance Return of Creditable Income Taxes Withheld
1601E
(Expanded)
1601F Monthly Remittance Return of Final Income Taxes Withheld
Monthly Remittance Return of Final Income Taxes Withheld (On
1602
Interest Paid on Deposits and Yield on Deposit Substitutes/ Trusts/Etc.)
Annual Information Return of Income Tax Withheld on Compensation
1604CF
and Final Withholding Taxes
Annual Information Return of Creditable Income Taxes Withheld
1604E
(Expanded)/ Income Payments Exempt from Withholding Taxes
Withholding Tax Remittance Return (For Transactions Involving Real
1606
Property other than Capital Asset including Taxable and Exempt)
Account Information Form (AIF) for Self-employed Individuals, Estates
1701-AIF
and Trusts (engaged in trade and business)
Account Information Form (AIF) For Corporations and Partnerships in
1702-AIF
General
Application to Use Loose-Leaf / Computerized Books of Accounts
1900
and/or Accounting Records
Application for Registration for Self-Employed and Mixed Income
1901
Individuals, Estates/Trusts
Application for Registration For Individuals Earning Purely
1902
Compensation Income, and Non-Resident Citizens / Resident Alien
Employee
Application for Registration for Corporations/ Partnerships
1903
(Taxable/Non-Taxable)
Application for Registration for One-Time Taxpayer and Persons
1904 Registering under E.O. 98 (Securing a TIN to be able to transact with
any Government Office)
 Application for Registration Information Update for Updating /
1905 Cancellation of Registration / Cancellation of TIN / New Copy of TIN
card / New copy of Certificate of Registration
1906 Application for Authority to Print Receipts and Invoices
Application for Permit to Use Cash Register machines/Point-of-Sale
1907
Machine
Certificate of Income Payment Not Subject to Withholding Tax
2304
(Excluding Compensation Income)
Certificate of Update of Exemption and of Employer's and Employee's
2305
Information
2306 Certificate of Final Income Tax Withheld
2307 Certificate of Creditable Tax Withheld at Source
Certificate of Compensation Payment/Tax Withheld For Compensation
2316
Payment With or Without Tax Withheld
1800 Donors Tax Return
1801 Estate Tax Return
2550M Monthly VAT Declaration
2550Q Quarterly VAT Return
2551M Monthly Percentage Tax Return
2551Q Quarterly Percentage Tax Return
Percentage Tax Return for Transactions Involving Shares of Stock
2552 Listed and Traded Through The Local Stock Exchange or Thru Initial
and/or Secondary Public Offering