Question 1

What tax laws should I study for the CPA board exam?

Accepted Answer

Focus on the National Internal Revenue Code (NIRC) as amended by TRAIN Law (2018), CREATE Law (2021), and CREATE MORE Act (2024). Cover income tax, VAT, transfer taxes, estate tax amnesty (extended to June 2025), and local taxes. Stay updated on BIR issuances.

Question 2

Are the TRAIN Law changes important for the CPA exam?

Accepted Answer

Yes, TRAIN Law changes are heavily tested including the new individual income tax brackets, revised estate/donor's tax rates, expanded VAT exemptions, and documentary stamp tax updates.

Question 3

How do I prepare for the Taxation exam?

Accepted Answer

Taxation has 70 MCQs with 40% theory and 60% computation. Memorize tax rates and brackets, but focus on application. Practice computing income tax for various taxpayers, VAT computations, and transfer tax problems. Our AI tutor can explain complex tax scenarios.

Question 4

What is the estate tax amnesty and when does it expire?

Accepted Answer

The estate tax amnesty covers estates of persons who passed away on or before May 31, 2022. It offers a 6% flat rate with waived penalties and interest, and has been extended until June 14, 2025. This is frequently tested in the CPA board exam.

Question 5

What are the income tax brackets under TRAIN Law?

Accepted Answer

Under TRAIN Law, the first ₱250,000 is exempt from income tax. The brackets range from 15% (over ₱250,000) up to 35% (over ₱8,000,000). Corporate income tax under CREATE is generally 25% (20% for small corporations). Know these rates for the exam.

Taxation

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