Course Hero Logo

The vat payable in case b a p 36 000 c p 142 200 b p

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 160 - 162 out of 191 pages.

The VAT payable in Case B:A.P36 000C. P 142 200B.P141 000D. P 300 00032.The VAT payable in Case A if the life of the machine is 4 years only:A.P73 920C. P 73 200B.P154 800D. P 74 400MULTIPLE CHOICE QUESTIONS1.The following are major internal revenue business taxes in the NIRC of 1997, except one:A.Income taxC. Value-added taxB.Excise taxD. Percentage tax2.Alamid imported cigarettes from Taiwan for sale. At a later date, he sold cigarettes in thePhilippines. He is subject to value-added tax. He is also subject to the business tax of:A.Excise taxC. Percentage taxB.Income taxD. None of these3.Burgos is manufacturer of fermented liquors. In making sales, all taxes on the productsand transactions are passed on to the buyers. For purposes of the value-added tax, whichof these taxes listed below that he pays forms part of the gross selling price?
A.Excise taxC.Percentage taxB.Value-added taxD. None of these4.Cantor is a VAT-registered dealer of liquors. On his sales in the Philippines, his tax is:A.Excise taxC.Percentage taxB.Value-added taxD. None of these5.Statement 1: A person subject to excise tax is also subject to value-added tax.Statement 2: A person subject to percentage tax is also subject to value-added tax.A.Both statements are correctB.Statement 1 is correct while statement 2 is wrongC.Both statements are wrongD.Statement 1 is wrong while statement 2 is correct6.Which statement is correct? The value-added tax on importation:A.Should be paid by the tax-exempt importer, if he subsequently sells the goods to anon-tax-exempt purchaser.B.Should be paid by the non-tax-exempt purchaser to whom the tax-exempt importersells it.C.Is a liability either of the tax-exempt importer or the non-tax-exempt purchaser.D.Shall not pay the value-added tax because the transaction was exempt at the point ofimportation.7.The value-added tax of Gencor Co., before any tax credits, is:A.P210 960C. P 173 300B.P 175 800D. P 207 9608.The business tax of Falcon Co., before any tax credits, is:A.Value-added tax of P 3 960C. Value-added tax of P0B.Percentage tax of P 990D. Percentage tax of P09.Which statement is wrong? Transactions considered “in the course of trade or business”and, therefore, subject to the business taxes include:A.Regular conduct or pursuit of a commercial or an economic activity by a stock privateorganization.B.Regular conduct or pursuit of a commercial or an economic activity by a non-stock,non-profit private organization.C.Isolated services in the Philippines by non-resident foreign persons.D.Isolated sale of goods or services for a gross selling price or receipts of P 500 000.10.First statement: Sales of drugs and medicines of pharmacy run by the hospital tooutpatients are subject to VAT.Second statement: Pharmacy items used in the performance of medical procedures inhospital units such as in the operating and delivery rooms and by other departments areconsidered part of medical services rendered by the hospital, hence, not subject to VAT.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 191 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Summer
Professor
N/A
Tags

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture