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Questions and Answers
What is the main characteristic of General Sales Tax?
What is the main characteristic of General Sales Tax?
- It is imposed on goods only
- It is a direct tax
- It is imposed on income when it is spent or utilized (correct)
- It is assessed on an ad-valorem basis
Which basis does General Sales Tax use for imposing tax on certain services?
Which basis does General Sales Tax use for imposing tax on certain services?
- Elective basis (correct)
- Common basis
- Value-added basis
- Ad-valorem basis
When is General Sales Tax levied?
When is General Sales Tax levied?
- At the time of import/export
- At the time of advertising goods
- At the time of purchase of goods & services (correct)
- At the time of manufacturing goods
What does ad-valorem basis mean in the context of General Sales Tax?
What does ad-valorem basis mean in the context of General Sales Tax?
What is the basis for imposing General Sales Tax on all manufactured goods except those exempted by law?
What is the basis for imposing General Sales Tax on all manufactured goods except those exempted by law?
In the context of General Sales Tax, what does ad-valorem basis refer to?
In the context of General Sales Tax, what does ad-valorem basis refer to?
What type of tax is General Sales Tax in relation to income spending or utilization?
What type of tax is General Sales Tax in relation to income spending or utilization?
When is General Sales Tax levied in relation to the sale or purchase of goods and services?
When is General Sales Tax levied in relation to the sale or purchase of goods and services?
Which characteristic best describes General Sales Tax?
Which characteristic best describes General Sales Tax?
What does the ad-valorem basis refer to in the context of General Sales Tax?
What does the ad-valorem basis refer to in the context of General Sales Tax?
What is the main difference between the common basis and elective basis of General Sales Tax?
What is the main difference between the common basis and elective basis of General Sales Tax?
In relation to income spending or utilization, what type of tax is General Sales Tax?
In relation to income spending or utilization, what type of tax is General Sales Tax?
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