8 Questions
Which of the following is true about Business Taxes?
Imposed upon onerous transfers such as sale, barter, exchange or importation.
Under the tax code, which of the following are major internal revenue business taxes?
Income tax
Which statement is correct?
"In the course of trade or business" means the regular conduct or pursuit of a commercial or an economic activity, including transactions incidental thereto, by any person regardless of whether or not the person engaged therein is a non-stock, non-profit private organization or government entity.
Which statement is false regarding transactions considered "in the course of trade or business"?
Gratuitous transfers including donation intervivos and donation mortis causa.
In the context of the VAT law, which of the following statements is correct?
Both 'a' and 'b'
Which statement correctly describes business taxes?
Both statements are correct
In the context of the VAT law, which statement about gross selling price is correct?
All of the above
Which of the following could be imposed together with VAT according to the VAT law?
All of the above
Test your knowledge of business taxes with this multiple choice quiz. Questions cover topics like types of business taxes, internal revenue taxes, and tax codes.
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