Assignment _Percentage Tax
NIRC Section 116-127
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1. Any business , in whatever form or nature, if liable for any national tax as
provided for by the tax code, are mandated to comply with the following
requirements, except *
1 point
Keeping the accounting books and records
Issuance of sales invoice or official receipts
Withholding of taxes on specified payments to suppliers/seller
Filing of tax returns and payments of related taxes
Registration with the BIR
All of the above
None of the above
RIGHTS ANSWERS:
a. Registration with BIR
b. Keeping of accounting records and books
c. Issuance of sales invoice and official receipts
d. Filing of tax returns and payment of related taxes
e. Withholding of taxes on specified payment to suppliers-sellers.
2. Annual business registration fee with BIR of P_____shall be pay
every year on or before January 31. *
Non-VAT registered persons shall pay the applicable registration fee of P
500 for every separate distinct establishment or place of business and every
year thereafter on or before January 31.
1 point
500
Your answer
3. What is the current VAT Threshold? * 3,000,000
1 point
3,000,000?
Your answer
4. Refers to a habitual engagement in a commercial activity involving the sale of
goods o services for a profit *
A business
is defined as an organization or enterprising entity engaged in commercial,
industrial, or professional activities. ...
The term "business" also refers to the organized efforts and activities of
individuals to produce and sell goods and services for profit.
1 point
Business
Your answer
5.Which of the following is the percentage tax return? *
1 point
2551Q
2550Q
6. In general, percentage taxes are allowed to be shifted to the customers *
1 point
Yes because it is an indirect tax
No
7. is a national tax measured by certain percentage of the gross selling price or
gross value of money of goods or bartered or of the gross receipts or earnings
derived by any person engaged in the sale of services * percentage tax
1 point
percentage
Your answer
8. Who are not exempted from percentage tax? *
1 point
Cooperatives
VAT Taxpayers
Non Vat Taxpayers
Self employed/ professionals who opted to 8% income tax
Indicate the tax type that applies to each of the following services *
22 points
1% percentage tax 2% percentage tax 3% percentage tax 5% percentage tax10% percentage
tax12% VAT15% percentage tax18% percentage tax30% percentage taxExempt
1. Common Carrier by Land- passenger- 3% OPT
2. Common Carrier by sea- 12% VAT
3. Common Carrier by air - 12% VAT
4. International carrier- passenger- EXEMPT
5. International carrier- cargo, baggage, mails- 3% OPT
6. Non life insurance- 12% VAT
7. Life insurance- 2% OPT
8. Bank-short term loans- 5% OPT
9. Bank-long term loans- 1% OPT
10. Franchise grantees-electricity- 12% VAT
11. Franchise grantees-gas- 2% OPT
12. Franchise grantees-telephone-inbound calls- EXEMPT
13. Franchise grantees-water- 2% OPT
14. Franchise grantees-telephone-outbound calls- 10% OPT
15. Cinemas operators- 12% VAT
16. Cockpit operators- 18% OPT
17. Places of Professional basketball exhibitions- 15% OPT
18. Places of Professional boxing exhibitions- EXEMPT
19. Bowling alleys- 12% VAT
20. Night or say clubs and cabarets- 18% OPT
21. Jai-alai operators- 30% OPT
Credit Sales- 62,500
Cash sales- 35,000
collection on credit sales in current month- 24,000
collection on credit sales in previous month- 18,000
accounts receivable, end- 16,500
sales return/allowances/discount- 3,500
input taxes on purchases- 7,200
business expenses- 35,600.
Compute for the percentage tax due--------- *
4 points
2205 2310 2820 2925
1. Manufacturer of goods- 2820
2. Services Provider- 2310
An operator of passenger Jeepney plying in Manila and other cities, Net 1st quarter
receipt after deducting the expenses below-P15,000; Compensation of driver-30,000;
Oil, gas, spare parts-5,000. Compute the common carrier's tax---- format 000,000 *
3.ANSWER: 1500
2 points
Your answer
Total billing on PASSENGER fares (95% collected)-P10M; Total billing on cargoes
fares (80% collected)-P10M. Phil to Abroad (OUTGOING) Total business tax? *
4 points
Zero 240,000 300,000 525,000
4. International air carrier- 240,000 (OPT on cargoes)
5. Domestic sea carrier- ZERO (0% VAT)
1st Quarter Gross sales-10,000,000; Cash Sales-8,000,000; Credit Sales (50%
collected)-2,000,000. Compute the business tax due: *
8 points
1,080,000 0 180,000 900,000 270,000
6. Gas and Water utilities- 180,000 OPT
7. Radio/TV broadcasting company- non vat- 270,000 OPT
8. Radio/TV broadcasting company- vatable- 1,080,000 VAT
9. Telephone company(Phil to Abroad)- 900,000 OPT
1st Quarter Interest income on SHORT TERM LOAN P1,000,000; 1st Quarter
Interest income on LONG TERM LOAN P500,000; Other Income-P100,000.
Compute the business tax due *
4 points
55,000 60,000 62,000 70,000
10. Bank and Quasi bank- 62,000 OPT
11. pawnshop/money changer- 60,000 OPT
life direct premium P700,000; nonlife direct premium (Nonlife) (includes P10,000
Promissory note)-P500,000. Compute the percentage tax due *
6 points
14,000 19,600 24,500 72,800
12. Domestic Insurance company- 14,000 OPT; 72,800 (business tax due)
13. Foreign Insurance company- insurance agent- 19,600 OPT
14. Foreign Insurance company- property owner- 24,500 OPT
Cash Sales: P850,000; Credit Sales (30% collected)-P500,000; expenses-P300,000.
Compute the percentage tax due *
8 points
0 100,000 120,000 150,000 180,000 300,000
15. Amateur basketball games- VATABLE therefore zero
16. Professional Boxing- EXEMPT ZERO or 100,000
17. Cockpits, Night and Day club, cabarets- 180,000
18. Jai alai and Race Track- 300,000
Mr Masuerte operates a race track. It had the following RECORD OF WINNINGS
during the event: Trifecta bet (gross of P1000 cost of tickets)-P9,000; Place bet (net
of P80 cost of tickets)-P8,000; Owner of winning horse (net of tax)-P99,000.
Compute the percentage tax THAT MUST BE WITHHELD by Mr.Masurte -----
(format 000,000) *
19. 12,120
Your answer
AAA Company sold shares of stock on February 1, 2020. Cost per share P100, Sales
Price P500 per share. Number of shares sold 1,000 sh. Outstanding shares- 5,000
sh. Compute the percentage tax *
4 points
0 3,000 10,000 20,000
20. Philippine Stock Exchange- 3,000
21. Initial Public Offering- 20,000
