Sec. 24(B)(1) of the NIRC, as amended, provides that: [a] final rate of twenty per cent (20%)
Question:
Sec. 24(B)(1) of the NIRC, as amended, provides that: "[a] final rate of twenty per cent (20%) is hereby imposed upon....other winnings (except winnings amounting to Ten Thousand Pesos (10,000) or less from Philippines Charity Sweepstakes and Lotto, which shall be exempt);.." How should the above provision be interpreted? * 2 points A. The exemption is general in application, thus winnings of less than P10,000 shall be exempt B. The exemption applies to all winnings from PCSO and Lotto C. The exemption applies only to winnings from the PCSO and Lotto, amounting to P10,000 or less D. The exemption applies to the final tax rate, in which case, the winnings from PCSO and Lotto shall be included in gross income
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso