Business Taxes- Chapter 1-3

Business Taxes are also known as?

• Utility Taxes

• Consumption Taxes

• Use Taxes

• Transfer Taxes

It is the regular conduct or pursuit of a commercial or economic activity.

The term _______ involves more than one isolated transaction

The VAT threshold is ....?

• 1,500,000

• 2,000,000

• 2,500,000

• 3,000,000

It is the transfer of ownership of a property in consideration of money received or to be received.

• Barter

• Exchange

• Cash

• Sale

It is the transfer of ownership of property in consideration of property received or to be received.

The tax base is the ........

• Selling Price

• Receipts

• Gross Receipts

• Gross selling price

These are all tangible or intangible objects which are capable of of pecuniary estimation.

• Goods or Properties

• Real properties

• Sales and Services

• Products and Receipts

The tax rate for sales to the government and certain entities

• 5%

• 3%

• 12%

• 7%

For a VAT installment to be availed for sale of real properties, the initial payments must not exceed?

• 20%

• 25%

• 23%

• 15%