Reference no: EM133078193
Questions -
Q1. Peter wants to procure fire insurance for his mansion in Ladislawa Village from Milky Way Insurance Company, a non-resident foreign corporation, through its agent in the Philippines, Joe. He paid premiums in 2018 amounting to 500,000. How much is the premiums tax payable on the transaction?
a. 10,000
b. 20,000
c. 25,000
d. 50,000
Q2. Using the same information above, but assuming Peter directly obtained the insurance policy from Milky Way Insurance Company, how much is the premiums tax payable on the transaction?
a. 10,000
b. 20,000
c. 25,000
d. 50,000
Q3. Zirkoh, a comedy bar, had the following data during the month of March 2020:
Net income during the month 160,000
Collections during the month:
From services rendered in January 200,000
From services rendered in February 1,200,000
From services rendered in March 40,000
How much is the amusement tax for the month?
a. 216,000
b. 252,000
c. 259,200
d. 288,000
Q4. Secondary offering of stock held as an investment when sold during IPO period shall be subject to:
a. Percentage tax - 6/10 of 1% based on gross selling price or gross value in money
b. Value-added tax - 10% based on gross income
c. Capital gains tax of 15% on capital gain
d. Percentage tax - 4%, 2%, 1% based on gross selling price or gross value in money
Q5. Which of the following percentage taxes is paid on a quarterly basis?
I. Tax on overseas dispatch, message, or conversation originating from the Philippines
II. Amusement taxes
III. Stock transactions tax
IV. Percentage tax on international carriers
a. I and II only
b. III and IV only
c. I, II and IV only
d. I, II, III and IV
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