Business Taxation Quiz

An occasional sale of goods or services by a person who is not engaged in business or sale of assets that are not used in business.

A fixed establishment in a locality which conducts sales operation of the business as an extension of the principal office.

Trade or commercial activity regularly engaged in as a means of livelihood or with a viewpoint of obtaining profit.

A tax on the purchase price

An individual, trust, estate, partnership, corporation or association who makes or intends to enter into transactions subject to vat.

The amount or value on which the VAT rate will be applied in computing output tax.

May include but not limited to sales outlets, places of production, warehouse or storage places.

Application must be with the RDO where principal place of business is located before the start of the business.

Premises where the inventories of goods for sale is kept and from which such goods are withdrawn for delivery.

It shall renew its registered annually before the end of January