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1. The BIR issue revenue memorandum circular no. 97-2021 inre: taxation of any income received by social media influencers. Which is false:

a. Income of social media influencers prior to issuance of RMC are not taxable

b. Social media influencers are generally required to register with the BIR if they earned income even if their objectives is to merely vlog

c. Social media influencer's income are generally subject to income and business taxes

d. If social media influencer's income has been subjected to foreign taxes, the tax paid can be credited against the tax due or deducted(from gross income) at the option of the taxpayer.

2. The process of reducing the allowable deduction of interest expense by a certain percentage is called?

a. Tax Avoidance

b. Tax Limitation

c. Tax arbitrage

d. Tax Minimization

3.The Commissioner can impose tax on the digital service providers like Netflix, Spotify and others. (True or False)

4. The following are your clients as a consultant:

S1 - an online seller of cakes whose gross sales amounted to Php300,000

S2 - An employee whose gross compensation income amounted to Php3 Million

S3- A vat-registered seller of goods whose gross receipts amounted to Php 1 million

Who among them is qualified to use 8% optional income tax?

a.All are qualified

b. S3

c. S2

d. S1

4. The commissioner can force a taxpayer to produce his/its accounting records if the taxpayer refuses to provide the same during audit (True or False)