VAT Quizzer.docx - VALUE ADDED TAX QUIZZER 1 A tax on business is a Direct tax c Property tax b Indirect tax d None of the above 2 One of the following

VAT Quizzer.docx - VALUE ADDED TAX QUIZZER 1 A tax on...

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VALUE ADDED TAX QUIZZER 1.A tax on business is a.Direct tax c. Property tax b.Indirect tax d. None of the above 2.One of the following is not a major business internal revenue taxes in the tax code 3.Value added tax is a (an) 4.In value added taxation, this is not a requirement for taxability of service? 5.Charlene is an operator of parking lots. What business tax is due on his income tax from the business? a.Broker’s tax c. Common carrier’s tax b.Caterer’s tax d. Value added tax 6.Mr. F is a lessor of real property and personal property (cars). The tax that he pays is 7.Which of the following is not exempt from VAT 8.Mr. S Magler imported cigarettes from the United States for sale in the Philippines. What business taxes in the Philippines are due? 9.One of the following transactions by a VAT registered person does not result to output vAT a.Cash sales c. Sales and leaseback b.Sales on account d. Export sales 10.Tsukuba Company, a VAT registered business, had the following data during the quarter; Export sales 1,815,000 Domestic sales (tax included) 1,232,000 Purchases of goods for export 672,000 Purchases of goods for domestic sales 323,120 Purchases of supplies on domestic sales, exclusive of tax 124,850 Assuming that the input taxes paid on purchases of goods for export are claimed as tax credit, the VAT payable by Tsukuba Company is 11.In question no. 10, assuming that the input taxes attributable to export sales are being claimed as refund, the amount refundable is

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