Podcast
Questions and Answers
What are Business Taxes primarily imposed upon?
What are Business Taxes primarily imposed upon?
- Onerous transfers such as sale, barter, exchange or importation
- Gratuitous transfers such as donation intervivos and donation mortis causa
- Both gratuitous and onerous transfers (correct)
- None of the above
Which of the following is not considered a major internal revenue business tax under the tax code?
Which of the following is not considered a major internal revenue business tax under the tax code?
- Income tax (correct)
- Excise tax
- Value added tax
- Percentage tax
Which statement is correct according to the tax code?
Which statement is correct according to the tax code?
- Without a business pursued in the Philippines, value added tax cannot be imposed
- "In the course of trade or business" means the regular conduct or pursuit of a commercial or an economic activity by any person (correct)
- Services rendered in the Philippines by a non-resident foreign person are not considered as being rendered in the course of trade or business
- None of the above
Which statement is false regarding transactions subject to business taxes?
Which statement is false regarding transactions subject to business taxes?
Business Taxes are imposed upon which type of transfers?
Business Taxes are imposed upon which type of transfers?
Which is considered as being rendered in the course of trade or business under the tax code?
Which is considered as being rendered in the course of trade or business under the tax code?
What is the correct definition of 'trade or business' based on the given text?
What is the correct definition of 'trade or business' based on the given text?
According to the given text, which statement about services rendered in the Philippines is correct?
According to the given text, which statement about services rendered in the Philippines is correct?
Which of the following statements about business taxes are correct according to the given text?
Which of the following statements about business taxes are correct according to the given text?
Based on the given text, what is the definition of 'gross selling price'?
Based on the given text, what is the definition of 'gross selling price'?
In the case of sale, barter, or exchange of real property subject to VAT, what does 'gross selling price' refer to based on the given text?
In the case of sale, barter, or exchange of real property subject to VAT, what does 'gross selling price' refer to based on the given text?
According to the given text, which of the following combinations are correct about imposing VAT with other taxes?
According to the given text, which of the following combinations are correct about imposing VAT with other taxes?
Study Notes
Business Taxes
- Business Taxes are primarily imposed upon goods, properties, and services.
- Only revenues from sales, barter, or exchange of goods or properties are subject to business taxes.
- The tax code considers a service as being rendered in the course of trade or business if it is done for a fee, remuneration, or consideration.
Types of Transfers
- Business Taxes are imposed upon transfers of goods, properties, or services, including sale, barter, or exchange.
Definition of 'Trade or Business'
- The correct definition of 'trade or business' is any activity in which a person engages in with continuity, regularity, and profit motive.
Imposition of VAT
- In the case of sale, barter, or exchange of real property subject to VAT, 'gross selling price' refers to the total amount of money that is received by the seller.
- VAT can be imposed with other taxes, such as local business taxes, but not with excise taxes.
Services Rendered
- Services rendered in the Philippines are subject to business taxes, regardless of where the client or customer is located.
Exceptions
- Foreign diplomatic missions and other exempt entities are not subject to business taxes.
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Description
Test your knowledge of business taxes with this multiple choice quiz. Explore various aspects of internal revenue business taxes and their implications.
