Which transactions has no consumption tax

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Reference no: EM132759874

Problem 1: All of the following are considered intangible in the Philippines except:

a) Franchise which must be exercised in the Philippines

b) Shares, obligations or bonds issued by any corporation or sociedad anonima organized or constituted in the Philippines in accordance with its laws

c) Shares, obligations or bonds by any foreign corporation 75% of the business of which is located in the Philippines

d) Shares, obligations of bonds issued by any foreign corporation if such shares, obligations or bonds have acquired a business situs in the Philippines.

Problem 2: Which of the following transactions has no consumption tax?

a) Importation

b) Domestic consumption from VAT suppliers

c) Domestic consumption from non-VAT suppliers

d) Exportation

Reference no: EM132759874

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