Taxation Quiz
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Questions and Answers

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?

  • 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?

  • Presumptive input tax
  • Excess input tax
  • Total input tax
  • Transitional input tax (correct)

    • Which of the following importations is exempt from VAT?

    <p>Importation of fuels for international shipping</p> Signup and view all the answers

    What is the VAT rate that certain goods or services are subject to, upon satisfaction of certain conditions?

    <p>12% VAT</p> Signup and view all the answers

    Which type of tax is applicable to gratuitous transfers?

    <p>Transfer tax</p> Signup and view all the answers

    What is the condition for the sale of raw materials to a non-resident buyer to be considered export sales?

    <p>The goods are paid for in acceptable foreign currency</p> Signup and view all the answers

    What percentage of total annual production should an export-oriented enterprise exceed in export sales to be considered export sales?

    <p>Seventy percent (70%)</p> Signup and view all the answers

    What is the deadline for filing a monthly VAT declaration?

    <p>20th day following the end of each month</p> Signup and view all the answers

    When will the filing and payment of VAT return be done within 25 days following the close of each taxable quarter?

    <p>Beginning January 1, 2023</p> Signup and view all the answers

    What is the condition for the sale of goods to be considered export sales under Executive Order No. 226?

    <p>The goods are used exclusively for international shipping or air transport operations</p> Signup and view all the answers

    What type of enterprise is exempt from VAT if its export sales exceed a certain percentage of total annual production?

    <p>Export-oriented enterprise</p> Signup and view all the answers

    What document is valid for claiming input tax credit?

    <p>Sales invoice issued by a non-VAT seller</p> Signup and view all the answers

    What is the tax consequence if Pedro purchases the car from G.l.Joe?

    <p>Pedro is subject to VAT</p> Signup and view all the answers

    When is VAT on importation paid?

    <p>Before the imported goods are released from Customs custody</p> Signup and view all the answers

    What happens when a tax-exempt person sells imported goods to a non-exempt person?

    <p>The purchaser-nonexempt person pays VAT</p> Signup and view all the answers

    What is disregarded in computing VAT on importation?

    <p>Expenses incurred after the goods are released from Customs custody</p> Signup and view all the answers

    What is incorrect about VAT on importation?

    <p>Expenses incurred after the goods are released from Customs custody are included in computing VAT</p> Signup and view all the answers

    What type of tax can be passed on by one person to another?

    <p>Other percentage tax</p> Signup and view all the answers

    A person selling a residential unit at P8,000 per month is subject to which tax?

    <p>No tax</p> Signup and view all the answers

    Transactions subject to Other Percentage Tax are also subject to which tax?

    <p>Income tax</p> Signup and view all the answers

    A domestic carrier of passengers by land with gross annual sales or receipts exceeding P3,000,000 is subject to which tax?

    <p>Value-added tax</p> Signup and view all the answers

    A person selling a residential unit at P18,500 per unit per month is subject to which tax?

    <p>Value-added tax</p> Signup and view all the answers

    A person whose gross annual sales or receipts exceed P3,000,000 may, nevertheless, be subject to which tax?

    <p>Other Percentage Tax</p> Signup and view all the answers

    What is the correct way to combine the gross receipts of Fidel and Aileen for the threshold of P3,000,000?

    <p>The gross receipts of Fidel and Aileen shall be combined.</p> Signup and view all the answers

    What is the correct tax treatment for Sako Na Transportation Company's gas station?

    <p>It is subject to VAT.</p> Signup and view all the answers

    What is the correct tax base for the common carrier's tax of Sako Na Transportation Company?

    <p>Gross receipts from the buses only.</p> Signup and view all the answers

    How should the gross receipts of Aileen be treated for purposes of the threshold of P3,000,000?

    <p>They shall be combined with Fidel's gross receipts.</p> Signup and view all the answers

    What is the correct common carrier's tax payable by Sako Na Transportation Company?

    <p>17,760.00</p> Signup and view all the answers

    What is the main business of Sako Na Transportation Company?

    <p>Operating passenger buses.</p> Signup and view all the answers

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