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Questions and Answers
Which type of tax is not a characteristic of percentage tax?
Which type of tax is not a characteristic of percentage tax?
- Ad valorem tax
- Business tax
- Progressive tax (correct)
- Non-progressive tax
Which of the following taxes is replaced by VAT?
Which of the following taxes is replaced by VAT?
- Sales tax on original sales (correct)
- Contractor's tax
- Common carrier's tax
- Compensating tax
What is the term for the input tax allowed on a person who becomes subject to VAT for the first time?
What is the term for the input tax allowed on a person who becomes subject to VAT for the first time?
- Presumptive input tax
- Excess input tax
- Total input tax
- Transitional input tax (correct)
Which of the following importations is exempt from VAT?
Which of the following importations is exempt from VAT?
What is the VAT rate that certain goods or services are subject to, upon satisfaction of certain conditions?
What is the VAT rate that certain goods or services are subject to, upon satisfaction of certain conditions?
Which type of tax is applicable to gratuitous transfers?
Which type of tax is applicable to gratuitous transfers?
What is the condition for the sale of raw materials to a non-resident buyer to be considered export sales?
What is the condition for the sale of raw materials to a non-resident buyer to be considered export sales?
What percentage of total annual production should an export-oriented enterprise exceed in export sales to be considered export sales?
What percentage of total annual production should an export-oriented enterprise exceed in export sales to be considered export sales?
What is the deadline for filing a monthly VAT declaration?
What is the deadline for filing a monthly VAT declaration?
When will the filing and payment of VAT return be done within 25 days following the close of each taxable quarter?
When will the filing and payment of VAT return be done within 25 days following the close of each taxable quarter?
What is the condition for the sale of goods to be considered export sales under Executive Order No. 226?
What is the condition for the sale of goods to be considered export sales under Executive Order No. 226?
What type of enterprise is exempt from VAT if its export sales exceed a certain percentage of total annual production?
What type of enterprise is exempt from VAT if its export sales exceed a certain percentage of total annual production?
What document is valid for claiming input tax credit?
What document is valid for claiming input tax credit?
What is the tax consequence if Pedro purchases the car from G.l.Joe?
What is the tax consequence if Pedro purchases the car from G.l.Joe?
When is VAT on importation paid?
When is VAT on importation paid?
What happens when a tax-exempt person sells imported goods to a non-exempt person?
What happens when a tax-exempt person sells imported goods to a non-exempt person?
What is disregarded in computing VAT on importation?
What is disregarded in computing VAT on importation?
What is incorrect about VAT on importation?
What is incorrect about VAT on importation?
What type of tax can be passed on by one person to another?
What type of tax can be passed on by one person to another?
A person selling a residential unit at P8,000 per month is subject to which tax?
A person selling a residential unit at P8,000 per month is subject to which tax?
Transactions subject to Other Percentage Tax are also subject to which tax?
Transactions subject to Other Percentage Tax are also subject to which tax?
A domestic carrier of passengers by land with gross annual sales or receipts exceeding P3,000,000 is subject to which tax?
A domestic carrier of passengers by land with gross annual sales or receipts exceeding P3,000,000 is subject to which tax?
A person selling a residential unit at P18,500 per unit per month is subject to which tax?
A person selling a residential unit at P18,500 per unit per month is subject to which tax?
A person whose gross annual sales or receipts exceed P3,000,000 may, nevertheless, be subject to which tax?
A person whose gross annual sales or receipts exceed P3,000,000 may, nevertheless, be subject to which tax?
What is the correct way to combine the gross receipts of Fidel and Aileen for the threshold of P3,000,000?
What is the correct way to combine the gross receipts of Fidel and Aileen for the threshold of P3,000,000?
What is the correct tax treatment for Sako Na Transportation Company's gas station?
What is the correct tax treatment for Sako Na Transportation Company's gas station?
What is the correct tax base for the common carrier's tax of Sako Na Transportation Company?
What is the correct tax base for the common carrier's tax of Sako Na Transportation Company?
How should the gross receipts of Aileen be treated for purposes of the threshold of P3,000,000?
How should the gross receipts of Aileen be treated for purposes of the threshold of P3,000,000?
What is the correct common carrier's tax payable by Sako Na Transportation Company?
What is the correct common carrier's tax payable by Sako Na Transportation Company?
What is the main business of Sako Na Transportation Company?
What is the main business of Sako Na Transportation Company?
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