Reference no: EM132945791

1.Which of the following taxpayers is not subject to the 3% percentage tax on VAT-exempt persons? *

a.Business partnership with annual gross receipts of P1,900,000

b.Exporter who is not VAT-registered

c.Cooperatives

d.Retailer expecting his gross sales to reach P1,600,000 for the next 12-month period

2.Which of the following transaction providers is not subject to the 3% Percentage Tax on Domestic Carriers? *

a.School bus operators

b.Car rental business

c.Cargo truck operators

d.Passenger jeepney operators

3.Which of the following persons is subject to the 3% Percentage Tax on Domestic Carriers? *

a.None of the foregoing

b.Owners of animal-drawn two- wheeled vehicles

c.Owners of bancas

d.Keepers of garage

4.Determine the carrier that is not subject to the 3% Percentage Tax on International Carriers: *

a.Both (a) and (b)

b.Resident foreign corporation operating as an international shipping carrier

c.Neither (a) nor (b)

d.Non-resident foreign corporation operating as an international air carrier

5.Which of the following franchises is not subject to the 3% Percentage Tax on Franchises? *

a.Neither (a) nor (b)

b.Radio and television broadcasting companies with annual gross sales of more than P10,000,000.

c.Franchise of gas and water utilities

d.Both (a) and (b)

6.The 3% Percentage Tax on Overseas Communications covers: *

a.Neither (a) nor (b)

b.Telephone, telegraph, wireless and other communication equipment services from a foreign country to the Philippines

c.Telephone, telegraph, wireless and other communication equipment services from the Philippines to a foreign country

d.Both (a) and (b)

7.X operated a retail business that had been generating sales not exceeding the threshold for VAT exempt persons. However, he desires to be registered under the VAT system for the first time in order to benefit from input tax credits. What benefit may X be entitled to once he registers under the VAT system? *

a.None of the foregoing

b.Transitional input tax credit

c.Presumptive input tax credit

d.Tax refund

8.Where the input tax exceeds the output tax at the end of any quarter, the excess may be claimed as a: *

a.Tax credit in the succeeding quarter or quarters

b.Neither (a) nor (b)

c.Tax refund in the succeeding quarter or quarters

d.Either (a) or (b)

9.The input tax on the purchaser or lease of goods, properties or services related to a zero-rated transaction may be claimed as a: *

a.Tax refund

b.Tax credit

c.Either (a) or (b)

d.Neither (a) nor (b)

10.What institution is required to deduct and withhold a final VAT of 5% on the purchase of goods or services subject to VAT? *

a.Both (a) and (b)

b.Government-owned or controlled corporation

c.Neither (a) nor (b)

d.National government or any political subdivision thereof