Reference no: EM132709964
QUESTION 1: ABC Airlines, a Company created under Philippine laws, is in its 11th year of existence. It transports passengers within and outside the Philippines. ABC reported the following gross receipts during the taxable year:
|
Gross receipts from transport of
|
Outbound
|
Inbound
|
|
Passengers
|
56,000,000
|
65,000,000
|
|
Cargoes
|
30,000,000
|
25,000,000
|
If ABC has a total purchases of P25,000,000 from a VAT-registered suppliers, and P3,000,000 from Non-VAT suppliers for its entire operation within and outside the Philippines. 40% of the receipts from passengers are collected in the Philippines, while 60% of the freight for transport of cargoes are collected abroad. How much is the percentage tax due?
A. P672,000
B. P540,000
C. P900,000
D. P0
QUESTION 2: A stockholder or a closely held corporation owns 100,000 shares before the IPO. The cost of the share is P1,000,000. During the IPO, the shares are selling at P12 per share. His broker friend advises him not to sell his shares during the IPO but instead wait until after the IPO. After the IPO, the outstanding shares of the closely held corporation are 1,000,000 hares and are now selling at P14 per share at the local stock exchange.
The stockholder of the closely held corporation approaches you to seek your advice because he is also planning to sell the shares directly to his friend and, therefore, not traded through the local stock exchange at P15 per share.
How much is the percentage tax if he sells his shares during the CPO on January 2, 2018?
A. P12,000
B. P36,000
C. P48,000
D. P0