According to OCED , a number of countries are considered "Tax Havens" which contribute to tax revenue lost to other countrie Which one of the following country/region is NOT listed among the top 10 list? O a. Hong Kong O b. United States O c. Switzerland O d. United Kingdom Under the US tax code, when an American company merged with a foreign entity (i.e., Ireland), the global income from this newly merged company is no longer subject to US corporate tax. What is the processed called?
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- Which of these foreign corporations is subject to regular corporate income tax? * International carrier Offshore banking units Call center company Regional operating headquarters of a multinational company.Which statement is true concerning an individual who is a US tax resident and a corporation that is a US tax resident? A. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax on their Worldwide. B. An individual who is a US tax resident pays US income tax only on US sources income and very limited foreign source income while a corporation that is a US tax resident pays US income tax on its worldwide income. C. An individual who is a US tax resident pays US income tax on his worldwide income while a corporation that is a US tax resident pays US income tax only on US source income and very limited foreign source income. D. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax on their worldwide. E. Both an individual who is a US tax resident and a corporation that is a US tax resident pay US income tax only on US source incomeWhich of the following is not an exclusion from gross income? A. Income of government propertiesB. Income taxes collected by the BIRC. SSS benefitsD. Dividend income payable to a foreign government
- Which of the following gain is subject to capital gains tax? * a. Gain on sale of domestic bonds considered as capital asset. b. Gain on sale of real property considered as capital asset which is located in the Philippines. c. Gain on sale of foreign stocks not traded through the stock exchange O d. All of the above 9 O e. Both a and b onlyIn order to simplify the tax code, current regulations require that a dollar of income earned by a U.S. Corporation in the United States is taxed in the same way as a dollar of income earned by a U.S. Corporation in a foreign country. Select one: True False8. Imposed on dividend, interest, and royalty payments to foreign investors. This is: a. Border tax b. Transfer tax c. Withholding tax d. Value-added tax.
- What would be the answer to the multiple-choice question (pasted below) had the U.S. used a territorial system? (Please answer this part) Corporation, a domestic corporation, has $250,000 of taxable income from business conducted solely in the U.S. Dantor also operates two foreign branch offices. The Hamburg branch has $50,000 of taxable income related to business conducted solely in Germany. The Rome branch has $150,000 of taxable income, of which 50% is related to business conducted solely in Italy and 50% is related to business conducted solely in the U.S. Dantor's income subject to taxation in the U.S. is A. $250,000 B. $325,000 C. $400,000 D. $450,000The Philippine Congress enacted a law requiring foreign banks to withhold taxes earned by Flipino residents in their country and to remit the sameto the Philippines governmert. Is this valid exercise of taxation power? Mention any applicable theories in taxation to answer.SHOULD BE PHILIPPINES BASED 1. What are the ordinary and capital assets? 2. Enumerate the two types of capital assets subject to capital gains tax. 3. What are the transaction considered as "other disposition" of domestic stocks? What transactions are not considered as "other dispositions? 4. Discuss the rules on tax basis of stocks acquired by purchase, inheritance, donation, for inadequate consideration, and other tax-free exchange.
- Dividend income received by a domestic corporation from a nonresident foreign corporation may be exempt from income tax, provided: The dividends actually received or remitted into the Philippines are reinvested in the business operations of the domestic corporation within the next taxable year from the time the foreign-source dividends were received or remitted; The dividends received shall only be used to fund the working capital requirements, capital expenditures, dividend payments, investment in domestic subsidiaries, and infrastructure project; and a. b. C. d. The domestic corporation holds directly at least twenty percent (20%) in value of the outstanding shares of the foreign corporation and has held the shareholdings uninterruptedly for a minimum of two (2) years at the time of the dividends distribution. In case the foreign corporation has been in existence for less than two (2) years at the time of dividends distribution, then the domestic corporation must have continuously…PAQ1B Ghana has of late signed a number of double taxation Agreements with some countries. The concerns people are raising is whether the country is deriving any benefits from these agreements. As a business tax consultant, you have been requested to deliver a paper to critically analyze the advantages and dis advantages of entering into double taxation agreements.U.S. corporations are eligible for a foreign tax credit for withholding taxes imposed on dividends received from 100 percent owned foreign corporations, even if the dividend qualifies for the 100 percent dividends received deduction. True or False