Chapter-15-Excise-Tax - BUSINESS AND TRANSFER TAXATION 6th Edition(BY VALENCIA ROXAS 115 SUGGESTED ANSWERS Chapter 15 EXCISE TAXES CHAPTER 15 EXCISE

Chapter-15-Excise-Tax - BUSINESS AND TRANSFER TAXATION 6th...

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BUSINESS AND TRANSFER TAXATION 6th Edition (BY: VALENCIA & ROXAS) 115SUGGESTED ANSWERSChapter 15: EXCISE TAXESCHAPTER 15 EXCISE TAXES Problem 15 1 1.False excise tax is also imposed on luxurious goods and mineral products. 2.False excise tax imposed to vehicles is based on the value of the vehicles, hence, an example of advalorem tax. 3.True 4.False The primary purpose of excise tax is for regulation and protection. 5.True 6.False P1 per kilo 7.False 20% of the wholesale price. 8.True It is the same as distilled spirits. 9.False Excise tax is a business tax. 10.False Excise tax is an indirect tax. 11.True 12.False P10 per ton means based on measure, hence, specific excise tax. 13.False subject to excise tax of P0.79 per kilo. Problem 15 2 1.True 2.False Excise tax is also imposed on imported goods. 3.False Excise tax is paid upon transfer or release from the Bureau of Customs.

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