taxation
1. Under the TRAIN Law, a non-VAT registered individual taxpayer earning purely
business income with gross receipts not exceeding the VAT threshold amount:
2. Jenga Corporation - Is the transfer of the Uno Corporation shares from Spyfall to
Jenga subject to value-added tax?
3. When should Spyfall recognize the input tax on the building?
4. A VAT taxpayer had the following data on its operations for the month of
January:The Value-Added Tax payable is?
5. Input taxes are:
6. Which among the following is subject to zero percent VAT? Transport of
passengers and cargo by a domestic carrier (air or sea) from the Philippines to a
foreign country
7. On January 1, 2021, Pedro purchased a condominium unit worth P2,000,000
from Maxima Realty Corporation. The purchased of the condominium unit is:
Catan Corporation -Takenoko’s sale of bamboo poles is?
8. Mr. Y - How much is the input tax?
9. Kit Tens - If Kit Tens’ gross receipts in Sundo’t Hatid amounted to 7,000,000.00,
he will be liable for?
10. Which among Kit’s businesses will not be considered in determining whether Kit
has already reached the threshold? Sundo’t Hatid
11. May Kit claim presumptive input tax?
12. The importation of cotton seeds by Bulak Luck is
13. Mr. D - How much is the value-added tax on the transaction? None. *subj. To
CGT
14. A non-VAT registered taxpayer - How much is the percentage tax due if the
taxpayer is engaged in the sale of services?
15. Foreign Aid Transport Co. -How much gross receipts is subject to 12% VAT?
16. How much gross receipts is subject to 0% VAT?
17. How much is the percentage tax?
18. One of the following is not subject to VAT on importation: Ivan, VAT registered
real estate dealer - How much was the output tax due in October 2021?
19. Villamin Grill -The VAT payable due for the third quarter is
20. Which of the following is not correct? Non-stock, non-profit private organizations
are not subject to VAT if their income from sales is used for non-profit purposes.
21. Serbesa Company - The output tax for the quarter is:
22. Sheriffofnottingham Financial Institution - If Sheriffofnottingham is a non-bank
financial intermediary without quasi-banking function, how much is the
percentage tax?
23. If Sheriffofnottingham is a bank, how much is the percentage tax?
24. X, a non-VAT registered taxpayer -How much output tax should X recognize on
the transaction?
25. As franchisee - Assume that the taxpayer is generating and selling electricity,
what is the correct business taxes for the quarter?
26. Hananiah Corporation -How much is VAT
27. A dealer in securities -How much is the VAT payable?
28. A VAT-registered person -The creditable input tax is:
29. In the lease contract, which advance payment by the lessee is subject to output
VAT? Prepaid rental
30. Oberon -ReZA Review School of Accountancy is
31. A taxpayer engaged in the production of refined sugar - How much is the VAT
payable?
32. The following data (net of VAT) of Blockassassination Corpo. -How much is the
VAT payable for the fourth quarter?
33. How much is the VAT payable for the third quarter?
34. In the Value-Added Tax on sale of services, the output tax is computed:
35. X Company sold to Y Company - the journal entry of Y Company would include:
debit Purchases,
36. Which of the following statements is correct?