
Business and Transfer Taxation - Percentage Tax

Quiz
•
Other
•
1st - 12th Grade
•
Hard
vincent gabucan
Used 102+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
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
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