Which of the following is not correct the percentage

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3. Which of the following is not correct? The percentage tax: a. Is a tax on sale of services. b. May be imposed on sale of goods. c. May be imposed together with the value-added tax. d. May be imposed together with the excise tax.
Answer: C
4. Which of the following statement is not correct about percentage tax?
5. Which statement is wrong?
Section 116 - OPT on vat exempt sales and transactions 6. A seller of agricultural food products is vat-exempt. His annual gross sales in 2018 amounted to P3,000,000. To what business tax is he liable?
7. Which of the following is subject to 3% percentage tax under Section 116 of the Tax Code? a. Fruit dealer whose gross receipts for 2018 amounted to P2,800,000 only.
b. An individual taxpayer whose gross sales for the year amounted to P100,000. c. School bus operator whose gross receipts for 2018 amounted to P2,500,000 d. None of the above Answer: D
Section 116 shall apply if: 1. The transaction is vat exempt and the reason for vat-exemption is simply because the taxpayer's gross sales or receipts did not exceed the vat threshold of P3M (previously P1,919,500); and 2. The taxpayer is not vat registered. If the reason for vat exemption is not because of #s 1 and 2 above, the transaction is not subject to Section 116. The taxpayer in item “B” is known as Marginal Income Earner (MIE), an individual whose gross sales or receipts during the year is not more than P100,000. MIE is not subject to business tax (Vat and OPT). 8. The taxpayer is a trader of poultry feeds. Determine his applicable business tax. c.12% vat or 3% OPT, at his option d. Exempt from 12% vat and OPT

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