If LBC or Palawan Express

Payee: Karlo A. Tablizo

Cellphone: 09297970162
Amount: 120 per month or P1,000 for annual subscription

Please send your proof of payment to icpaph@gmail.com

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TAXATION

1. Valuation of stocks not listed in the local stock exchange = adjusted Net Asset Method (BV
method)
2. Is an article previously exported from the Philippines subject to the payment of customs
duties?
No, if it is covered by a certificate of identification and has not been improved in value.
3. Importation of automobiles is subject to: Graduated Ad valorem tax of 2% to 60%
4. A fixed license fee on the sale of bibles and other religious literature is a violation of
Non-infringement of religious freedom
5. The following constitute double taxation except one: both taxes are imposed in the same
amount
6. Tax levied for particular or specific purpose irrespective of whether revenue is actually
raised or not = regulatory tax
7. Taxpayer's Suit. An action brought by an individual whose income is subjected to
charges imposed by the state or federal government, for the benefit of that individual and
others in order to prevent the unlawful diversion of public funds. Not about the
enactment of a tax law, but rather on how the funds were used / disposed of
8. The power to tax can be delegated to local government units, subject to limitations that
may be set by law. This is a constitutional provision.
9. The period of limitation for assessment of taxes is not suspended
The return filed is fraudulent and made with the intent to avoid the tax (suspended)
The taxpayer and the CIR agreed on the extension of the period (suspended)
There is failure to file the required return (suspended)
The return filed contained inaccuracies due to omissions and mistakes
10. Interest income received by a foreign government of financial institutions organized by a
foreign government from its Philippine bank deposits shall be exempt from Philippine
income tax

11. MCIT in the Philippines is not absolute and it provides suspension during certain
instances. The Secretary of Finance, upon recommendation of the Commissioner,
may suspend imposition of the MCIT upon submission of proof by the applicant-
corporation, duly verified by the Commissioners authorized representative, that the
corporation sustained substantial losses on account of the following:

a. a prolonged labor dispute which means losses arising from a strike staged by the
employees which lasted for more than six (6) months within a taxable period and
which has caused the temporary shutdown of business operations
b. because of force majeure which means a cause due to an irresistible force as by Act
of God like lightning, earthquake, storm, flood and the like. This term shall also include
armed conflicts like war or insurgency
c. because of legitimate business reverses which shall include substantial losses
sustained due to fire, robbery, theft or embezzlement, or for other economic reason as
determined by the Secretary of Finance.

12.