Income-tax-for-corporation.pdf

INCOME TAX FOR CORPORATION 1.

Which of the following is not treated as corporation? a. General professional partnership b. A joint venture or consortium formed for the purpose of undertaking construction projects c. A joint or consortium for engaging in petroleum, coal, geothermal and other energy operations pursuant to an operating consortium agreement under a service contract with the government d. All of the above

2.

Which is not a characteristic of corporate income tax? a. Progressive tax b. Direct tax c. General tax d. National tax

3.

Which of the following is subject to income tax? a. SSS and GSIS b. Philhealth c. Local Water Districts d. PCSO

4.

5.

7.

Which of the following corporations shall pay a tax equal to 30% of the gross income received during each taxable year from all sources within the Philippines? a. Domestic corporations b. Resident foreign corporations c. Non-resident foreign corporations d. None of the choices

10.

11.

13.

During 2018, a domestic corporation derived the following items of revenue: • Gross receipts from a trading business, P500,000 • Interests from money placements in the banks, P30,000 • Dividends from its stock investments in domestic corporation, P20,000 • Gains from stock transactions through PSE, P50,000 • Proceeds under an insurance policy on the loss of goods, P100,000 How much should the corporation report as taxable income? a. 500,000 b. 550,000 c. 600,000 d. 650,000

14.

Lenovo Inc., a resident corporation, has earned the following income during the year: DIVIDEND INCOME FROM: • Microsoft, an NRFC 500,000 • Intel, an RFC 400,000 • Panday, a domestic corporation 300,000 INTEREST INCOME FROM: • Current account, BDO • Savings deposit, ABN-AMRO bank, UK • FCDU deposits

Which of the following is taxable based on income from all sources, within and without? a. Domestic corporations b. Resident foreign corporations c. Non-resident foreign corporations d. All of the choices Which of the following does not have the benefit of claiming deductions in computing income tax? a. Domestic corporations b. Resident foreign corporations c. Non-resident foreign corporations d. All of the choices

9.

Royalty income from books received by a corporation beginning January 1, 2018 or upon effectivity of TRAIN Law shall be subject to: DC RFC NRFC a. 10% 10% 30% b. 20% 20% 30% c. 15% 15% Exempt d. 15% 7.5% Exempt

One of the following is exempt from income tax a. Proprietary educational institutions b. Private cemeteries c. Government educational institutions d. Mutual savings bank

6.

8.

12.

600,000 700,000 800,000

ROYALTY INCOME from various domestic corporations 100,000 Additional Information: • The ratio of Microsoft’s gross income in the Philippines over worldwide income for the past 3 years is 40% • The ratio of Intel’s gross income in the Philippines over worldwide income for the past 3 years is 60% • The ratio of Panday’s gross income in the Philippines over worldwide income for the past 3 years is 80% How much is the total income tax expense of Lenovo? a. 200,000 b. 400,000 c. 320,000 d. 272,000 15.

Aside from the ordinary corporate income tax of 30%, what other tax(es) may be imposed on corporations under the Philippine income tax laws? a. MCIT b. Passive Income Tax c. CGT d. All of the above

Assuming Lenovo is a domestic corporation, how much is its total income tax expense? a. 200,000 b. 560,000 c. 680,000 d. 740,000

16.

The following passive income received by a domestic corporation shall be subject to 20% FWT, except; a. Interest income from peso bank deposit b. Yield from deposit substitutes c. Dividend income from another domestic corporation d. Royalties

The share of a co-venturer corporation in the net income after tax of a joint venture or consortium taxable as a corporation is a. Subject to FWT of 20% b. Subject to regular corporate income tax of 30% c. Subject to CGT d. Exempt from income tax

17.

The share of a co-venturer corporation in the net income of a tax-exempt joint venture or consortium is a. Subject to FWT of 20% b. Subject to regular corporate income tax of 30% c. Subject to CGT d. Exempt from income tax

Interest income received from a depository bank under expanded foreign currency deposit system beginning January 1, 2018 or upon effectivity of the TRAIN Law shall be subject to DC RFC NRFC a. 20% 20% 20% b. 7.5% 7.5% Exempt c. 15% 15% Exempt d. 15% 7.5% Exempt Royalty income received by a corporation beginning January 1, 2018 or upon effectivity of TRAIN Law shall be subject to: DC RFC NRFC a. 20% 20% 30% b. 7.5% 7.5% Exempt c. 15% 15% Exempt d. 15% 7.5% Exempt

ABC Company and DEF Company formed a joint venture. They agreed to share profit or loss in the ratio of 70% - 30% respectively. The results of operations of the joint venture as well as the co-ventures are as follows: Joint Venture ABC Co. DEF Co. Gross Income 5,000,000 3,000,000 2,000,000 OPEX 3,000,000 2,000,000 1,500,000 18.

The income tax payable of the joint venture is a. 0 b. 150,000 c. 300,000 d. 600,000

19.

The total income tax payable of ABC Co. is a. 0 b. 150,000

c. d.

300,000 600,000

20.

The total income tax expense of DEF Co. is a. 0 b. 150,000 c. 570,000 d. 750,000

21.

Assuming the JV is a tax-exempt JV, its income tax payable is a. 0 b. 150,000 c. 300,000 d. 600,000

22.

Assuming the JV is tax exempt, the total tax expense of ABC Co. is a. 150,000 b. 330,000 c. 300,000 d. 720,000

23.

As a rule, there is no income tax if there is no income. Which of the following is the exception? a. CGT on sale of land and/or building b. CGT on sale of share of stock outside the local stock exchange c. Tax on passive income d. Regular Corporate Income Tax

24.

Kris Inc sold its vacant lot to Moca Corporation for 10M which it acquired at a cost of 5M. the FMV of the said property per tax declaration is 12M, while its zonal value is 15M. how much is the income tax applicable on the transaction? a. 600,000 b. 720,000 c. 900,000 d. 1,500,000

25.

In 2017, East Star Inc sold shares of Stock for 250k. The shares, acquired in 2015 at a cost of 100,000, were held as investment, and were sold directly to a buyer. How much was the CGT due? a. 10,000 b. 15,000 c. 22,500 d. 45,000

26.

What is the CGT in number 25, assuming it happened in 2018? a. 10,000 b. 15,000 c. 22,500 d. 45,000

27.

A dealer in securities sold unlisted shares of stocks of a domestic corporation in 2018 and derived a gain of 500,000 therefrom. The gain is a. Taxable at 30% regular corporate income tax based on net taxable income b. Taxable at 15% CGT based on net capital gain c. Taxable at 6/10 of 1% stock transaction tax based on the gross selling price or FMV, whichever is higher d. Exempt from income tax

30.

ALPHA Corp, a domestic corporation has the following records of income and expenses during 2018 taxable year Gross income, net of 1% EWT 1,435,500 Expenses 790,600 Rent Income, net of 5% EWT 136,800 Dividend from domestic corp 25,000 Royalty, gross of tax 80,000 Interest from bank deposit with PNB, net of tax 12,000 The income tax payable is a. 241,020 b. 221,320 c. 260,020 d. 238,320

31.

The final taxes is a. 19,000 b. 21,500 c. 33,250 d. 3,000

32.

28.

29.

Makabayan Inc, a domestic corporation distributed earnings to its shareholders. One of the recipients is Kano Corp, an NRFC, with home country in the USA. The income tax law of USA does not impose tax on dividends. What FWT rate will apply to dividend income received by Kano Corporation? a. 10% b. 15% c. 20% d. 30% A domestic corporation had the following data on income and expenses during the year 2018: Gross Income, Philippines 10,000,000 Business Expenses, Philippines 2,000,000 Gross Income, China 5,000,000 Business Expenses, China 1,500,000 Interest Income, MBTC, Phils 300,000 Interest Income, SBC, China 100,000 Rent Income, net of 5% EWT 190,000 How much was the income tax payable? a. 3,540,000 b. 3,530,000 c. 3,440,000 d. 2,480,000

Hannaniah Corp, a corporation engaged in business in the Philippines and abroad has the following data for the current year: Gross Income, Philippines 975,000 Expenses, Philippines 750,000 Gross Income, Malaysia 770,000 Expenses, Malaysia 630,000 Interest on bank deposit 25,000 Determine the income tax due if the corporation is Domestic RFC NRFC a. 116,800 72,000 320,000 b. 109,500 67,500 300,000 c. 312,000 515,800 116,800 d. 109,500 72,000 300,000 A corporation has the following data for the 2018 taxable year: Gross Income, Philippines 1,000,000 Gross Income, USA 500,000 Gross Income, Japan 500,000 Expenses, Philippines 300,000 Expenses, USA 200,000 Expenses, Japan 100,000 Other Income Dividend from San Miguel Corp 70,000 Dividend from Ford Motors, USA 120,000 Gain on sale of SMC shares directly to buyers 150,000 Royalties, Philippines 50,000 Royalties, USA 100,000 Interest from receivables in the Philippines 60,000 Rent income, land in USA 250,000 Rent Income, Building in the Philippines 100,000 The company also sold a condominium classified as capital asset for P2,000,000. The cost of the Condominium is 1,000,000 while its zonal value is 3,000,000 33.

Its income tax on all income as a domestic corporation is a. 809,000 b. 683,500 c. 963,600 d. 821,500

34.

Its income tax on all income as a resident foreign corporation (disregard sale of condominium) is a. 279,250 b. 290,500 c. 963,600 d. 809,000

35.

If it is an NRFC and there is tax sparring, its income tax on all income (disregard sale of condominium) is a. 578,000 b. 384,750 c. 396,000 d. 809,000

36.

The MCIT is imposed on a. Proprietary educational institutions b. General professional partnerships c. Business partnerships d. All of the above

37.

One of the following is not accepted basis for relief from the MCIT a. Prolonged labor dispute b. Force majeure problems

c. d. 38.

39.

40.

41.

Legitimate business reverses Law suits filed by the company

Substantial losses from a “prolonged labor dispute” mean a. Losses arising from a strike staged by the employees which lasted for more than six months within a taxable period b. The strike resulted to temporary shutdown of business operations c. Both of the above d. None of the above If the taxpayer is a seller of services, which of the following shall not form part of its cost of services? a. Salaries and supplies b. Employee benefits c. Depreciation and rental expenses d. Interest expense The following information were taken from the records of ABC Inc., a domestic corporation already in its 5th year of operations Gross profit from sales 3,100,000 Capital gain on sale directly to buyer of shares in a domestic corporation 100,000 Dividend from: Domestic corporation 20,000 Resident foreign corporation 10,000 Interest on: Bank deposit 20,000 Trade receivable 50,000 Business expenses 2,100,000 Income tax withheld 115,000 Quarterly income tax payments 160,000 Income tax payable prior year (10,000) The income tax payable at the end of the year a. 33,000 b. 43,000 c. 63,000 d. 318,000 A domestic corporation, already on its 5th year of operation as of 2017, has the following data 2018 2019 Sales 1,700,000 2,300,000 Cost of Sales 1,050,000 1,425,000 Operating Expenses 675,000 480,000 The income tax payable in 2018 was a. 13,000 b. 10,500 c. 35,000 d. 0

42.

The income tax payable in 2019 was a. 111,000 b. 17,500 c. 35,000 d. 0

43.

A domestic corporation, already on its 4th year of operation as of 2017, immediately following the taxable year in which the corporation commenced its operations. It provided the following data: 2017 2018 2019 Gross sales 2,040,000 2,800,000 3,000,000 Sales returns 40,000 100,000 0 Cost of goods sold 1,000,000 700,000 1,500,000 Business expenses 950,000 2,100,000 1,200,000 The income tax payable for taxable year 2019 was a. 15,000 b. 20,000 c. 60,000 d. 55,000

44 – 48. Le Bron Corporation has the following information for the taxable year 2018: QUARTER RCIT MCIT CWT Q1 200,000 160,000 40,000 Q2 240,000 500,000 60,000 Q3 500,000 150,000 80,000 Q4 300,000 200,000 70,000 Additional Information: • MCIT carry-over from prior year amounts to 60,000 • Excess tax credits from prior year amounts to 20,000 44.

How much was the income tax payable for the first quarter?

a. b. c. d.

200,000 160,000 120,000 80,000

45.

How much was the income tax payable for the second quarter? a. 660,000 b. 460,000 c. 200,000 d. 160,000

46.

How much was the income tax payable for the third quarter? a. 860,000 b. 120,000 c. 600,000 d. 140,000

47.

How much was the annual income tax payable? a. 1,260,000 b. 390,000 c. 230,000 d. 930,000

48.

Using the same data in the preceding problem except that the MCIT on the 4th quarter is 500k, how much was the annual income tax payable? a. 330,000 b. 1,310,000 c. 380,000 d. 360,000

49.

Gross income taxation results to a. Less discretion on the part of tax examiners b. Lower income tax revenues c. More graft and corruption d. More complicated tax computations

50.

A domestic proprietary educational institution improved its library facilities by adding a new wing to its old library building. The capital outlay on library improvement, for income tax purposes, may be a. Deducted at full at the time of completion of the improvement b. Capitalized or expensed outright at the option of the school owners c. Capitalized and depreciated over the estimated life of the improvement d. Capitalized or expensed outright at the option of the government

51.

Timpuyog Educational Foundation is a non-stock non-profit educational institution. It has the following selected information for the taxable year 2018: Tuition Fees 15,000,000 Miscellaneous school fees 2,500,000 Operating expenses 7,500,000 Interest on bank deposits 125,000 Rent income, net of CWT 332,500 Rental related expenses 75,000 Additional School Building was built and finished on April 1, 2018 at a cost of P2,000,000 with a depreciable life of 40 years. Tuition and miscellaneous schools’ fees are actually, directly, exclusively used for educational purposes. The income tax payable for the year should be a. 65,000 b. 82,500 c. 344,000 d. 1,224,000

52.

Assuming the school is a government educational institution and it opted to expense outright the cost of building construction. The income tax payable should be a. 65,000 b. 82,500 c. 344,200 d. 1,224,000

53 – 56. ABC has the following selected information for the taxable year 2018: Tuition Fees (actually, directly, exclusively used for educational purposes) 20,000,000 Miscellaneous fees (actually, directly, exclusively used for educational purposes) 5,800,000 Operating Expenses related to school fees 18,500,000 Rent Income (net) 7,125,000 Operating expenses related to rental income 2,250,000 Interest from bank deposits 100,000 Interest income from FCDS deposits 80,000 Dividend income from a domestic corporation 65,000 Dividend income from a foreign corporation 50,000 Quarterly income tax payments 80,000

Additional school building was built and finished on April 1, 2018 at a cost of 4,000,000 with a depreciable life of 25 years. Only if applicable, assume the educational institution opted to claim the cost of construction as an outright expense. 53.

54.

How much is the income tax payable for 2018 assuming ABC is a non-stock, non-profit educational institution? a. 75,000 b. 405,000 c. 1,135,000 d. 3,289,000 How much is the income tax payable for 2018 assuming ABC is a government educational institution? a. 75,000 b. 405,000 c. 1,135,000 d. 3,289,000

a. b. c. d.

25% 7.5% 4.5% of gross rentals or fees 2.5% of gross income

64 – 77. Hannaiah Corporation provided the following data for calendar year ending December 31, 2018 ($1 = 50) Philippines Abroad ($) Gross Income 4,000,000 40,000 Deductions 2,500,000 15,000 Income tax paid 3,000 64.

If the corporation is a domestic corporation, its income tax payable is a. 450,000 b. 1,280,000 c. 675,000 d. 825,000

55.

How much is the income tax payable for 2018 assuming ABC is a proprietary educational institution? a. 75,000 b. 405,000 c. 1,135,000 d. 3,289,000

65.

Under the preceding number but it opts to claim the tax paid abroad as deductions from gross income, its income tax payable is a. 780,000 b. 730,000 c. 880,000 d. 910,000

56.

How much is the income tax payable for 2018 assuming ABC is a CPA review school? a. 75,000 b. 405,000 c. 1,135,000 d. 3,289,000

66.

If the corporation is a resident corporation, its income tax payable is a. 450,000 b. 1,280,000 c. 880,000 d. 525,000

57.

The Royale Air Corporations an international carrier doing business in the Philippines. Its taxable base for income tax purposes is a. Gross Philippine Billings b. Gross Philippine Billings minus deductible expenses c. Regular rate of 30% of its net taxable income d. Allocation of income from sources within and without the Philippines, as well as expenses

67.

If the corporation is a non-resident corporation, its income tax is a. 1,200,000 b. 1,280,000 c. 880,000 d. 1,400,000

68.

If the corporation is a resident international carrier, its income tax payable is a. 100,000 b. 10,000 c. 37,000 d. 125,000

69.

If the corporation is a non-resident cinematographic film owner/lessor, its income tax payable is a. 1,000,000 b. 180,000 c. 300,000 d. 128,000

70.

If the corporation is a non-resident lessor of vessel, its income tax payable is a. 100,000 b. 180,000 c. 300,000 d. 128,000

71.

If the corporation is a non-resident lessor of aircrafts, machineries and equipment, its income tax payable is a. 100,000 b. 180,000 c. 300,000 d. 128,000

72.

If the corporation is a proprietary educational institution, its income tax payable is a. 730,000 b. 125,000 c. 150,000 d. 275,000

73.

If the corporation is a non-stock, non-profit educational institution which uses all its revenues or income for educational and charitable purposes, its income tax payable is a. 0 b. 730,000 c. 120,000 d. 64,000

74.

If the corporation is a government educational institution which uses all its revenues or income for educational purposes, its income tax payable is a. 0 b. 730,000 c. 120,000

58.

59.

In order for an international carrier to qualify for exemption on the basis of reciprocity, what type of tax shall be exempted as well by its home country? a. Income tax b. Business tax c. Transfer tax d. Any of the choices China Airlines Inc., a resident foreign corporation has the following data for the taxable year 2018: Passenger airfare from China to Philippines 1,800,000 Passenger airfare from Philippines to China 1,500,000 Airfare for cargoes from China to Philippines 700,000 Airfare for cargoes from Philippines to China 1,300,000 How much was the income tax payable? a. 39,000 b. 60,000 c. 70,000 d. 84,000

60.

Based on the preceding number, how much was the common carrier’s tax for the year? a. 39,000 b. 60,000 c. 70,000 d. 84,000

61.

Teri Yaki Corp., a Japanese Corp having no business in the Philippines, is engage in ship building. It leases some of its newly constructed ships to Super Fairy Inc., a Philippine Carrier. What income tax rate will apply to the rental payments to the lessor? a. 30% Basic Income Tax b. 25% FWT c. 7.5% FWT d. 4.5% FWT

62.

63.

Rentals, charters and other fees derived by a non-resident lessor of aircraft, machineries and other equipment in the Philippines shall be subject to a tax of a. 25% b. 7.5% c. 4.5% of gross rentals or fees d. 2.5% of gross income A cinematographic film owner, lessor or distributor shall pay a tax, based on its gross income from all sources within the Philippines, of

d. 75.

64,000

If the corporation is a non-profit hospital, its income tax payable is a. 730,000 b. 125,000 c. 150,000 d. 275,000

76.

If the corporation is a profit hospital, its income tax payable is a. 675,000 b. 832,000 c. 275,000 d. 150,000

77.

If the corporation is an ROHQ, its income tax payable is a. 150,000 b. 450,000 c. 880,000 d. 525,000

78.

A branch, subsidiary or affiliate of a foreign banking corporation which is duly authorized by the BSP to transact offshore banking business in the Philippines in accordance with the provisions of PD No 1034 as implemented by Central Bank (now BSP) Circular No. 1389, as amended a. Offshore banking unit b. Multinational company c. Petroleum service contractor and subcontractor d. None of the choices

79.

A depository bank under Foreign Currency Deposit System has the following income from foreign currency transactions ($1 = P45) From Netherlands From residents From Philippine National Bank How much is the FWT applicable on the above income? a. 0 b. 9,000 c. 13,500 d. 22,500

80.

81.

82.

83.

An offshore banking unit, already in its 8th year in the Philippines, has the following data in its income and expenses for the year 2018: Foreign currency transaction with: Non-residents 1,800,000 Local banks 1,200,000 Branches of foreign banks 1,000,000 Another OBU 500,000 Other residents 800,000 OTHER INCOME: Rent Income 1,000,000 Miscellaneous Income 500,000 Operating Expenses 2,380,000 How much is the total income tax for the year? a. 0 b. 80,000 c. 292,500 d. 372,500 Noypi Bank, a domestic corporation has the following data for the year: Regular Banking Unit Interest income from loans 10,000,000 Interest income from peso deposit with BPI 1,000,000 Dividend income from various domestic corporations 1,500,000 Foreign Currency Deposit Unit ($1 = 40) Interest income from loans to residents $ 50,000 Interest income from loans to nonresidents $ 12,500 The bank has total operating expenses of 12,000,000. How much was the normal income tax for the year? a. 0 b. 400,000 c. 500,000 d. 600,000 Using the same data in the preceding number, the total income tax expense of Noypi is a. 400,000 b. 500,000 c. 600,000 d. 1,000,000 If a branch of a foreign corp in the Philippines remits passive income earned in the Philippines to the head office, what is the applicable tax on the said transaction?

a. b. c. d.

Subject to 30% FWT Subject to 12% creditable withholding VAT Subject to 15% branch profit remittances tax Exempt from branch profit remittances tax

84.

A tax imposed in the nature of a penalty to the corporation to prevent the scheme of accumulating income rather than distribute the same to the stockholders for the purpose of avoiding tax on dividends a. Minimum corporate income tax b. Optional corporate income tax c. Improperly accumulated earnings tax d. Capital gains tax

85.

The IAET shall not apply to the following, except a. Banks and other non-bank financial intermediaries b. Insurance companies c. Publicly-held corporations d. Closely-held corporations

86 – 88. JC Corporation, a domestic corporation had the following data for 2017 taxable year Sales 5,000,000 Cost of goods sold 2,000,000 General and administrative expenses 500,000 Interest income from Philippine bank deposit 100,000 Rental income (5% net of EWT) 190,000 Dividend Income: From domestic corporation 60,000 From foreign corporation 50,000 Capital gains from sale of domestic shares of stock sold directly to buyer 75,000 Dividend declared and paid during the year 500,000 Retained earnings, 12/31/2016 1,000,000 Par Value of outstanding shares, 12/31/2017 500,000 Appropriation for future plant expansion 800,000 86.

The income tax payable was a. 815,000 b. 819,200 c. 825,000 d. 899,200

87.

Based on the foregoing problem, the IAET in 2017 was a. 105,125 b. 108,125 c. 208,125 d. 213,625

88.

The IAET assuming the taxable year was 2018 a. 105,125 b. 108,125 c. 212,875 d. 213,625

89.

A corporation does not include general professional partnership but includes joint venture under a service contract with the government

90.

Domestic corporations refer to all kinds of corporation operating within the Philippines

91.

Nonresident foreign corporations are taxed based on their net taxable income within

92.

Domestic and foreign resident corporations are taxed on income within and without

93.

The gross income derived within by the nonresident foreign corporation is taxed in Philippines with 30% normal tax

94.

If the payor of the dividend is a domestic company and the recipient of the dividend is either a domestic company or resident foreign corporation, such dividend is exempt from income tax

95.

Domestic and resident foreign corporations are required to withhold tax whether or not the payment to nonresident foreign corporation is connected with the trade or business

96.

Dividend income is considered as among the unrelated business activities in determining the amount of unrelated income of a proprietary educational institution for purposes of availing the 10% preferential tax rate

97.

Passive incomes which have been subjected to a final tax shall not form part of gross income for MCIT purposes

98.

A duly registered cooperative is exempt from income tax but subject to output VAT on their gross sales or gross receipts

99.

Improperly accumulated earnings shall not be imposed on insurance publicly-held corporations but can be imposed on insurance companies

100. In general, incomes of tax-exempt corporation which are not directly related with respect to their registered activities shall be subject to tax

1 2 3 4 5

D A D C A

21 22 23 24 25

A D A C A

41 42 43 44 45

A C A D B

61 62 63 64 65

D B A C A

81 82 83 84 85

D D D C D

6 7 8 9 10

C C D C D

26 27 28 29 30

C A B B B

46 47 48 49 50

D C D A B

66 67 68 69 70

A A A A B

86 87 88

A D C

11 12 13 14 15

A B A D D

31 32 33 34 35

A B D A B

51 52 53 54 55

A A C C B

71 72 73 74 75

C C A A C

16 17 18 19 20

D B D C B

36 37 38 39 40

C D C D A

56 57 58 59 60

D A A C A

76 77 78 79 80

A A A C D

89. False – for tax purposes, a corporation does not include both general professional partnership and joint venture with a consortium service contract with the government. 90. False – domestic corporations refer only to corporations that are created or organized under Philippine laws. Foreign corporations are also operating in the Philippines but not created under Philippine laws.

91. False – nonresident corporations are taxed based on gross income within. 92. False – Only domestic corporations are to be taxed for income within and without. 93. True 94. True 95. True 96. True 97. True 98. False – exempt from income tax and VAT. 99. False – not imposed also to insurance companies 100.

True