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02 Task Performance 1

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60 views2 pages

02 Task Performance 1

Uploaded by

Jerho
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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NAME:

BM2022

DATE: SCORE:

IDENTIFICATION: (20 points: 10 items x 2 points)

Direction: Determine whether each given scenario is tax planning, tax avoidance, tax evasion, or tax
management. In the space provided, write TP if it is tax planning, TA if tax avoidance, TE if tax evasion,
and TM if tax management.

1. XYZ Corporation maintains Value-added Tax’s Reconciliation of Listing Enforcement (VAT


RELIEF) of the company to comply on time.

2. ABC Corporation installed an air conditioner at the residence of a director as per the terms of
his appointment. It was fitted in the quality control section in the factory for computing
depreciation.

3. Marian Hachero always secured from her clients the Bureau of Internal Revenue (BIR) Form
No. 2307 in every service she provided to them. It is to legally claim creditable withholding tax
(CWT) against her income tax due.

4. Claire Marie, a private corporation, did not declare any dividends for the past three (3) years.
The board of the company explained that it is because they need to accumulate money for the
planned construction of a new building.

5. Tonio is the owner of Migatsu Enterprise. He instructed several of his employees to solicit
checks from clients payable in his name, rather than in the name of the business. He then
cashed these checks and did not deposit them into his business’ bank account. Since the
money was not recorded on the books of the business, nor deposited into the business’
account, he did not include these gross receipts on his income tax return.

6. Tanya Company, engaged in selling laptops, regularly compiled all the Sales Invoices (SI) it
issued to its client. SI is issued for any sales of goods and/or properties made by a business.

7. Sansa Corporation is a VAT-registered company. All income tax returns (ITR) that it filed were
accompanied by a duly accomplished Account Information Form (AIF).

8. Anna Corporation’s retained earnings for the year exceeds its paid-up capital. It is because the
company did not declare any dividends for the year. The Chief Executive Officer (CEO) of the
company explained the reason for not declaring dividends, and it is to appreciate the
company’s stock price.

9. Anna Marie Merchandising expected that its income would increase for the year due to the
proportionate increase in the demand for its products. An increase in income means an
increase in income tax. Thus, with an analysis made, Anna Marie signified her intention to use
Optional Standard Deduction (OSD) to minimize its tax liability for the year.

10. Billy Sam owned Sansa Deluxe. In the first quarter of the year, Billy has signified his intention
to be taxed at 8% Optional Gross Income Tax (OGIT). During the third quarter of the year, the
accumulated sales of Billy totaled P3,000,500. To be taxed at 8%, Billy did not report one of
its Sales Invoices amounting to P501.00. Billy explained that it is acceptable since he is taxed
at 8%.

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BM2022

CASE ANALYSES: (10 points: 2 items x 5 points)

Direction: Read each case and answer the question.

1. Suppose that you are an individual taxpayer who is self-employed. For the year, you projected a 10%
increase from last year’s gross receipts of P2,000,000. There is also an 8% increase in total cost and
expenses of P900,000. In the first quarter of the year, would you signify your intention to be taxed at
8% optional gross income tax (OGIT)? Justify your answer in no more than five (5) sentences.

2. Debbie Corporation (DC) is one of the leading domestic manufacturers in the country. For the year, it
has gross sales of P800,000,000, cost of sales of P160,000,000, and other expenses of
P120,000,000. It also earns P500,000 interest income from the bonds it holds in Myanmar. Suppose
that you are the Chief Financial Officer (CFO) of DC. Now, choose one (1) action you will take to
manage the tax of DC and discuss it in no more than five (5) sentences.

Criteria Performance Indicators Points


Content Provided pieces of evidence, supporting details, and factual 3
scenarios
Organization of Ideas Expressed the points in a clear and logical arrangement of ideas 2
in the paragraph.
Total 5

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