Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? * Seller Buyer Both Seller and Buyer Answer not given
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Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? *
Seller
Buyer
Both Seller and Buyer
Answer not given
Which is wrong? *
International carriers doing business in the Philippines shall pay a tax equivalent to 3% of their quarterly gross receipts derived from the transport of cargoes, baggage, or mails from the Philippines to another country.
International carrier's transport of passenger is exempt from tax.
Keepers of garage are subject to 3% common carrier’s tax regardless of the amount of their gross receipts.
All common carriers are subject to VAT on their transport of passengers or cargoes by water or by air
Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? *
Seller
Buyer
Both Seller and Buyer
Answer not given
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- A domestic transportation contractor by land is engaged in the transport of passengers, goods and cargoes. If the transportation contractor is not vat registered, what business taxes is he liable? Group of answer choices 12% VAT' on gross receipts from transport of goods on cargoes and 3% common carrier's tax on gross receipts from transport of passengers. 12% value-added tax. 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier's tax on gross receipts from transport of passengers. 3% common carrier's tax.A domestic transportation contractor by land is engaged in the transport of passengers, goods and cargoes. If the transportation contractor is vat-registered , what business taxes is he liable? Group of answer choices 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier's tax on gross receipts from transport of passengers. 12% value-added tax; 12% VAT on gross receipts· from transport of goods and cargoes and 3% common carrier's tax on gross receipt from transport of passengers. 3% common carrier's tax;Mr. Pineda imported goods from the USA as follows: Invoice cost of the importation ($1 = P51).. Freight.. Insurance. Wharfage . Brokerage fee to Customs Broker.. Trucking expense from the Bureau of Customs to the warehouse of importer (The carrier is a vat-registered entity).. The imported article was imposed P50,000 customs duty and P35,000 excise tax. (a) How much is the VAT on importation? $ 5,000 P 10,000 37,500 1,800 2,250 7,500 (b) Assuming that the imported article was sold for P728,000 vat-inclusive, the VAT payable is
- Which of the following statements is incorrect on winnings of a resident citizen? a. Lotto winnings in the United States is subject to income tax in the Philippines d. Winnings in a raffle draw sponsored by a cigarette company is subject to tax based on the schedule of rates in the tax table if the amount involved does not exceed P10,000. c. Winnings of brand new cars in a raffle draw sponsored by SM are taxable b. Lotto winnings sponsored by the Philippine Charity Sweepstakes Office is taxable subject final taxWhich statement is wrong? * A resident citizen and a resident alien have a final tax of 15% on interest on foreign currency deposit. A non-resident citizen is exempt from income tax on interest on foreign currency deposit. A non-resident alien engaged in business in the Philippines is subject to a final tax of 25% on gross income from within the Philippines from cinematographic films. A non-resident alien engaged in business in the Philippines has a final tax of 20% only if the interest is on a bank depositDian Duty Free is a are retail outlets whose goods are exempt from the payment of certain local or national taxes and duties, on the requirement that the goods sold will be sold to travelers who will take them out of the country. Which products can be sold duty-free vary by jurisdiction, as well as how they can be sold, and the process of calculating the duty or refunding the duty component. Attached the Financial ratios of Dian Duty Free in 2018 to 2019. Please analyze the Dian Duty Free Financial Ratios based on the table attached.
- 1. Which of the following is not deductible from gross income? a. Transportation expense from the main office to the branch b. Transportation expense from home to the office and from the office back to home c. Travel expenses on business trips d. Travel expenses while away from home in the pursuit of trade, business or profession. 2. Examples of taxes that are deductible except: a. Occupation tax b. Privilege tax c. Documentary stamp tax d. Philippine income taxWhich of the following is false regarding consumption and business tax? a. Importations of goods are subject to value-added tax whether the imported goods are to be used in business or not. b. All business taxes are consumption taxes but not all consumption taxes are business taxes. c. Business taxpayers with annual receipts higher than the VAT threshold who registered as VAT taxpayers may switch to a non-VAT registration provided such actual receipts during the year proved to be lower than the threshold. d. A business taxpayer subject to other percentage taxes shall register as a VAT taxpayer if its total sales or receipts exceeds the VAT threshold. e. All of the other choices is correct.Which of the following is true? A. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to a 20% final tax. B. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be exempt from income tax. C. Long term interest earned by a resident foreign corporation on its deposits in banks in the Philippines shall be subject to regular income tax. D. None of the above. E. Individual and Corporate taxpayers must declare their intention to avail of the OSD in their annual income tax Return. F. The option to avail of the OSD shall be irrevocable for the whole taxable year. G. The option to avail of the OSD is applicable to taxpayers subject to regular income tax on their net income
- Which of the following is true? a. Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register as VAT taxpayers cannot register back as non-VAT because of the three-year lock-in period. b. A VAT taxpayer may also be subject to other percentage taxes and excise taxes provided a range of goods and services offered. c. The basis on imposing a consumption tax on the sale of services is the quarterly sales. d. Exportation made by business taxpayers normally subject to the general percentage tax is taxable for consumption taxes. e. All of the other choices is incorrect.The Tax Code provides that an international carrier doing business in the Philippines shall pay a tax of two and 1⁄2 percent on its Gross Philippine Billings. What is meant by Gross Philippine Billings?Which of the following statements is incorrect? * A. If 5% special tax on gross income is granted to taxpayers, they are not required to remit compensation taxes of their employees.. B. If 5% special tax on gross income is granted to taxpayers, they are not required to pay business permits. C. If 5% special tax on gross income is granted to taxpayers, they are not required to pay value added tax. D. Resident foreign corporations may be exempted from paying income tax.