Professional Documents
Culture Documents
1.
2.
Which is incorrect?
a. A taxpayer whose annual gross receipts/sales exceed P
1,919,500 shall pay VAT even if not VAT registered
b. A taxpayer whose annual receipts/sales do not exceed P
1,919,500 but who is VAT registered shall pay Vat.
c. The same transaction may be subjected to both income
tax and VAT
d. Marginal income earners are both exempt from VAT and
income tax.
(500,000x 0.5&)
3.
4.
5.
6.
c. P 30,000
d. P 24,000
c. P 8,400
d. None
7.
8.
9.
c. Yearly
d. Weekly
When will you submit the required sales summary list to the
BIR?
a. Attached with the monthly VAT return
b. Attached with the quarterly VAT return
c. Submit only if sales exceeds P 2,500,000
d. Submit even if sales do not exceed P 2,500,000
10. Who are allowed to withhold VAT from its VAT suppliers?
a. Entities, organization, business or corporation duly
registered with Philippine Economic Zone Authority.
b. Non-resident individuals and corporation.
c. Government or any of its instrumentalities including
government owned and controlled corporation.
d. Resident foreign corporation doing business in the
Phillippines.
11. Which of the following is subject to other percentage tax?
a. Business with annual gross receipts do not exceed P
1,919,500.
b. Unregistered VAT enterprises.
c. Businesses who are engaged in sale of services and
goods.
d.
Name: ______________________________
b.
c.
d.
d.
Tax Rates
Coverage
Basis
Tax
Rate
Name: ______________________________
Persons exempt from VAT Gross Sales or
under Sec. 116
Receipts
3%
Gross Receipts
3%
Gross Receipts
3%
Gross Receipts
2%
3%
Finance Companies
International
Carriers:
International air/shipping
carriers doing business in
the Philippines
Interest,
commissions and
discounts paid from
their loan
transactions from
finance companies
as well as income
from financial
leasing shall be
taxed based on the
remaining
maturities of
instruments:
Franchise Grantees:
Electric , gas and water
utilities
On interest,
5%
discounts and other
items of gross
income paid to
finance companies
and other financial
intermediaries not
performing quasi
banking functions
Short term
5%
maturity (not over 2
years)
Interest,
commissions and
discounts from
lending activities as
well as income from
leasing on the basis
of remaining
maturities of
instruments:
Medium term
(over 2 years but
not over 4 years)
3%
Long Term
Maturity
Over 4 years but 1%
not over 7 years
Short term
5%
maturity (not over 2
years)
Over 7 years
0%
Medium term
3%
maturity (over 2
years but not over 4
years)
5%
Long term
maturity
Agents of foreign
insurance companies:
(except reinsurance
premium)
1%
Over 4 years
but not over 7
years
Total premium
collected
10%
Total premium
collected
5%
Cockpits
Gross receipts
18%
Gross receipts
18%
Boxing exhibitions
Gross receipts
10%
Professional basketball
games
Gross receipts
15%
Gross receipts
30%
0%
Over 7 years
On Dividends
0%
On royalties, rentals 5%
of properties, real
or personal, profits
from exchange and
all other items
treated as gross
income under Sec.
32 of the Code
Proprietors, lessee or
operator of the following:
Name: ______________________________
(operators shall withheld
tax on winnings)
Every stock broker who
effected a sale, barter,
exchange or other
disposition of shares of
stock listed and traded
through the Local Stock
Exchange (LSE) other
than the sale by a dealer
in securities
A corporate issuer/stock
broker, whether domestic
of foreign, engaged in the
sale, barter, exchange or
other disposition through
Initial Public Offering
(IPO)/secondary public
offering of shares of stock
in closely held
corporations
otherwise disposed
in accordance with
the proportion of
stocks sold,
bartered or
exchanged or after
listing in the stock
exchange
Up to 25 %
4%
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1%