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Business Taxation Basics

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Questions and Answers

Business taxes are?

Imposed upon onerous transfers such as sale, barter, exchange or importation. (correct)

Imposed upon gratuitous transfers such as donation inter-vivos and donation mortis causa.

Imposed upon gratuitous and onerous transfers.

None of the above.

Which statement is correct regarding the basis of business taxes? Statement 1 suggests that business taxes are based on gross income, while statement 2 correctly states that business tax is in addition to income tax.

Both statements are incorrect.

Only statement 2 is correct. (correct)

Only statement 1 is correct.

Both statements are correct.

To which type of tax does value-added tax belong?

Graduated tax

Proportional tax (correct)

Progressive tax

Regressive tax

The percentage tax is

All of the above. Signup and view all the answers

Which statements is wrong?

The percentage taxes are not allowed by law to be shifted to the customers or clients. Signup and view all the answers

Which of the following statements is incorrect?

Only statement 1 is correct. Signup and view all the answers

Under the tax code, the following are major internal revenue business taxes, except:

Income tax Signup and view all the answers

Which statement is false? Transactions considered 'in the course of trade or business' are subject to the business taxes include:

Isolated sale of goods or services for a gross selling price or receipts of P950,000. Signup and view all the answers

The provisions of the VAT Law shall apply to persons whose undertakings are intended to be pursued on a going concern basis. Which of the following statements is correct?

Services rendered in the Philippines by a nonresident citizen foreign person shall be considered as being rendered in the course of trade or business even if the performance is not regular. Signup and view all the answers

Which of the following statements is correct?

Both 'a' and 'b' Signup and view all the answers