Tax on small businesses - elimination

All government activities below uses tax as payment, except:

• Payments for social workers

• Expenses for campaign votes

• For building highways and railroads

• Funding state campuses

True or False: For business entities whose income is greater than P3M per year, they have the option not to register as VAT payor

• TRUE

• FALSE

BIR form _________ serves as the certificate of registration of a business.

Which of the following is not a withholding tax?

• Tax on VAT purchases

• Tax on compensation

• Tax on rental

• Tax on payment to professionals

True or False: One option to compute income taxes per quarter is the flat rate of 10% on net income

• TRUE

• FALSE