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Questions and Answers
What are Business Taxes primarily imposed upon?
Which of the following is not considered a major internal revenue business tax under the tax code?
Which statement is correct according to the tax code?
Which statement is false regarding transactions subject to business taxes?
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Business Taxes are imposed upon which type of transfers?
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Which is considered as being rendered in the course of trade or business under the tax code?
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What is the correct definition of 'trade or business' based on the given text?
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According to the given text, which statement about services rendered in the Philippines is correct?
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Which of the following statements about business taxes are correct according to the given text?
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Based on the given text, what is the definition of 'gross selling price'?
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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?
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According to the given text, which of the following combinations are correct about imposing VAT with other taxes?
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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.
