Taxation, 2012 Bar — Question 5

MULTIPLE CHOICE

The Philippines adopted the semi-global tax system, which means that: a) All taxable incomes, regardless of the nature of income, are added together to arrive at gross income, and all allowable deductions are deducted from the gross income to arrive at the taxable income; b) All incomes subject to final withholding taxes liable to income tax under the schedular tax system, while all ordinary income as well as income not subject to final withholding tax under the global tax system; c) All taxable incomes are subject to final withholding taxes under the schedular tax system; d) All taxable incomes from sources within and without the Philippines are liable to income tax.

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