Taxation, 2012 Bar — Question 20

MULTIPLE CHOICE

ABS Corporation is a PEZA-registered export enterprise which manufactures cameras and sells all its finished products abroad. Which statement is NOT correct? a) ABS Corporation is subject to the 5% final tax on gross income earned, in lieu of all national and local taxes; b) ABS Corporation is exempt from the 30% corporate income tax on net income, provided it pays value added tax; c) ABS Corporation is subject to the 30% corporate income tax on net income; d) ABS Corporation is exempt from all national and local taxes, except real property tax.

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