Taxation Quiz

What is the VAT rate on the sale of goods or properties in the Philippines?

• 12%

• 10%

• 15%

• 8%

Which of the following is exempt from VAT?

• Sale of electronics

• Sale of luxury goods

• Sale of agricultural products

• Sale of vehicles

What is the percentage tax rate for domestic carriers and keepers of garages?

• 1%

• 10%

• 5%

• 3%

What is the tax rate on winnings from horse races?

• 5%

• 20%

• 10%

• 15%

Which of the following transactions is subject to 12% VAT?

• Sale of real properties not primarily held for sale

• Sale of services by non-residents

• Sale of agricultural products

• Sale of goods in the course of trade

What is the tax rate for life insurance premiums?

• 1%

• 2%

• 3%

• 4%

What is the tax rate on the sale of shares of stock listed and traded through the local stock exchange?

• 0.5%

• 1%

• 6/10 of 1%

• 2%

Which of the following is a characteristic of VAT?

• Fixed rate

• Indirect tax

• Imposed by local government

• Direct tax

What is the zero percent (0%) VAT rate applicable to?

• Export sales from the Philippines

• Sales of goods to local consumers

• Local sales to residents

• Sales of services within the Philippines

Which of the following is NOT considered an export sale?

• Sale of goods shipped to a foreign country

• Sale of raw materials to a local enterprise

• Sale of goods paid for in foreign currency

• Sale of goods accounted for by the BSP