This study source was downloaded by 100000865442382 from CourseHero com on 01 20 2024 06 34 36 GMT 06 00 https www coursehero com file 93947951 Assignment 1pdf 1 I Taxes are broader than custom duties II Tariff and custom duties are different not synonymous True True True False False False False True 2 I Importation of laptop for personal use only of Asta from USA is not subject to VAT because Asta is not engaged in business II Importation of laptop for business use only of Asta from USA is exempt from VAT True True True False False False False True 3 X owner of ABC company The company sells product X The product was purchased from Cebu The items were sold in Manila The items were stored in warehouse located in Marawi There are some sales transactions in marawi but it is only 10 of the sales in manila The principal office of X is in Zamboanga Where should X register his business and file his tax returns Manila Cebu Marawi Zamboanga Bataan None of the above 4 X sold product X to customer Y worth 1 000 The sale is subjected to VAT of 12 and OPT of 3 thus total amount charged to Y is 1 153 60 Assuming that X is a VAT registered tax payer how much is the over charge or over statement of tax collected from Y 33 60 None because the sale is subjected to VAT and OPT 153 60 None because X is engaged in business None of the above 5 Luffy purchased inventory goods from X Supplier worth 100 000 net of any tax Later Luffy sold the goods to Y Corp at 40 mark up based on cost All amounts are net of taxes Luffy and Y Corp are NON VAT But X Supplier is VAT registered 125 What is the OPT 3 of Luffy 4 704 4 200 5 600 3 750 None of the above 6 I When an article sin products is subjected to Excise tax that article shall not be subject to VAT nor to OPT II ABC Corp manufactured alcohol products in 2020 ABC sold the products to its retailers ABC sold the produced alcohol product to X Corp for 1M net of any tax X sold the alcohol products to its customers Thus X is liable also to excise tax True True True False False False False True 7 I ALL business transactions in the Philippines are either subject to VAT or OPT not both II When a transaction is VAT exempt A AA of Sec 109 the transaction is subject to zero rated VAT or 0 VAT True True True False False False False True 8 Registration with BIR must be On or after the commencement of his business Whenever he transfers to another revenue district within 30 days from the date of transfer Either of the two None of the above This study source was downloaded by 100000865442382 from CourseHero com on 01 20 2024 06 34 36 GMT 06 00 https www coursehero com file 93947951 Assignment 1pdf 9 X owner of ABC company The company sells product X The product was purchased from Cebu The items were sold in Manila The items were stored in warehouse located in Marawi The principal office of X is in Zamboanga X registered his business to BIR however X has no sales transaction in Jan to June 2020 due to COVID 19 Thus NO need file tax return for business tax since there is no business tax NO need file tax return for business tax since there is no operations NO need file tax return for business tax since its is pandemic period Need to file tax return None of the above 10 If a Non resident person was hired by a Local Company for one time rendition of services worth 200 000 net of any tax then the transaction is subject to VAT The net pay of the Local Company to Non resident person will be cash to be paid to Non resident foreign person 200 000 224 000 24 000 150 000 None of the above 11 I A tax exempt entity that sells VAT subject goods shall also be exempt from VAT II Pasig City Govt sold VAT subject goods shall be exempt from VAT because the Government cannot tax itself True True True False False False False True 12 I If a Non resident person was hired by a Local Company for one time rendition of services worth 200 000 net of any tax the transaction is not subject to VAT II The phrase in the course of trade or business means the regular conduct or pursuit of a commercial or an economic activity including transactions incidental thereto by any person regardless of whether or not the person engaged therein is a non stock nonprofit private organization irrespective of the disposition of its net income and whether or not it sells exclusively to members or their guests or government entity True True True False False False False True 13 I Services as defined in this Code rendered in the Philippines by nonresident foreign persons shall not be considered as being rendered in the course of trade or business because that person is NON resident of the Philippines II In general isolated transactions are not subject to business tax except when performed by a non resident persons not engaged in business in the Phil True True True False False False False True 14 I An item or transaction that is subjected to VAT may also be subjected to OPT II All manufacturers and importers are subject to excise tax True True True False False False False True 15 OPT cannot be transferred to buyer II OPT transferred to buyer shall not be included as part of gross receipts that will be subjected to OPT True True True False False False False True 16 I ABC Corp manufactured fruit juice that are good for kids ABC sold the products to X Corp Thus there must be an excise tax to be imposed to ABC for the production of fruit juice II Specific Tax refers to excise tax which is not based weight or volume capacity or any other physical unit of measurement True True True False False False False True This study source was downloaded by 100000865442382 from CourseHero com on 01 20 2024 06 34 36 GMT 06 00 https www coursehero com file 93947951 Assignment 1pdf 17 Luffy purchased inventory goods from X Supplier worth 100 000 net of any tax Later Luffy sold the goods to Y Corp at 40 mark up based on cost All amounts are net of taxes Luffy and X Supplier are VAT registered 912 BUT Y corp customer is NON VAT What is the VAT payable of Luffy 6 816 4 800 16 800 None or zero because the output is equal to input None of the above 18 Those imposed upon onerous transfers such as sales barter transfer and importation imposed on the gross selling price or gross receipts in the course of trade or business Tariff custom duties Income tax …