Business and Transfer Taxation - Percentage Tax

Which of the following statements is not correct about percentage tax?

• It is a business tax

• It is a transfer tax

• It is an ad valorem tax

• It is not a progressive tax

A seller of agricultural food products is vat exempt. His annual gross sales in 2018 amounted to P3,000,000. To what business tax is he liable?

• 3% tax on vat-exempt persons

• 12% value -added tax

• 3% common carrier's tax

• none of the above

The taxpayer is a trader of poultry feeds. Determine his applicable business tax.

• Subject to 12% vat

• Vat exempt but subject to 3% OPT under Section 116

• 12% vat or 3% OPT, at his option

• Exempt from 12% Vat and OPT

This refers to persons, corporations, firms or associations engaged in the business of carrying of transporting passengers or goods or both, by land, water, and air, for compensation, offering their services to the public and shall include transportation contractors.

• Common carriers

• Dealers in securities

• Lending investors

• Franchise grantees

A person whose business is to keep automobiles for hire or keep them stored for use or order

• Keepers of garage

• Dealers in securities

• Lending investors

• Franchise grantees

A non-vat registered transportation contractor is engaged in the transport of passengers, goods and cargoes. What business taxes is he liable?

• 12% value-added tax

• 3% common carrier's tax

• 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier's tax on gross receipts from transport of passengers

• 12% VAT on gross receipts from transport of goods and cargoes and 3% common carrier's tax on gross receipts from transport of passengers

Ana has the following data for 2018 the taxable year.

Gross sales P2,850,000

Collections 1,420,000

If Ms. Ana is a seller of goods, her business tax for the year should be

• 42,600 OPT

• 85,500 OPT

• 170,400 OPT

• 342,000 OPT

Ana has the following data for 2018 the taxable year.

Gross sales P2,850,000

Collections 1,420,000

If Ms. Ana is a seller of service, her business tax for the year should be

• 42,600 OPT

• 85,500 OPT

• 170,400 vat

• 342,000 vat

Which of the following is subject to Other Percentage Taxes?

I. Banks

II. Financing/credit Companies

III. Pawnshops

IV. Duly registered Credit Cooperatives

• I and II only

• I, II and III only

• I, II, III and IV

• None of the above

A keepers of garage whose gross receipts for 2018 exceed P3,000,000 is subject to

• Value-added tax

• Garage sales tax

• Common carrier's tax

• Franchise tax