Business Taxation Quiz

What is the nature of business tax?

• A tax on real estate transactions

• A tax on charitable donations

• A tax imposed on the onerous transfer of products, property, and services

• A tax on personal income

Which of the following is NOT a type of business tax?

• Corporate Income Tax

• Value-added Tax

• Percentage Tax

• Excise Tax

What is the threshold for gross annual sales to be subject to Percentage Tax?

• P3,000,000

• P5,000,000

• P2,000,000

• P1,000,000

Which tax is imposed on the production, sale, or consumption of a commodity?

• Documentary Stamp Tax

• Excise Tax

• Value-added Tax

• Percentage Tax

What type of tax is a Documentary Stamp Tax?

• Tax on property transfer

• Tax on sales

• Tax on documents and instruments

• Tax on income

Which of the following is a type of VAT?

• VAT on property tax

• VAT on capital gains

• VAT on the sale of goods

• VAT on personal income

What is the rate of VAT for VAT-registered taxpayers?

• 5%

• 10%

• 12%

• 15%

Which of the following is an example of a specific excise tax?

• Tax based on selling price

• Tax on services rendered

• Tax based on weight or volume

• Tax on rental income

What is the basis of business tax for sellers of goods?

• Gross receipts

• Gross selling price

• Net income

• Total assets

Which of the following is true regarding gratuitous transfers?

• They are exempt from all taxes

• They are subject to Transfer Tax

• They are subject to business tax

• They are subject to income tax