Topic 1

31問 • 1年前

問題一覧

_______________ are those imposed upon onerous transfers such as sale, barter, exchange and importation. It is called as such because without a business pursued in the Philippines (except importation) by the taxpayer ____________ cannot be.applied.

Business Taxes, Business Taxes

Business taxes are those imposed upon ___________ transfers such as ____________, ____________, ___________ and ______________. It is called as such because __________ a business pursued in the Philippines (except _____________) by the taxpayer business taxes ____________ be applied.

onerous, sale, barter, exchange, importation, without, importation, cannot

Business taxes are in __________ to __________ and other _______ paid unless specifically exempted.

addition, income, taxes

What are the types of transfer?

Gratuitous Transfer, Onerous Transfer

Gratuitous Transfer (transfer ___________ consideration) – ______ subject to _____________ but subject to ______________ (donor’s tax or estate tax).

without, not, business taxes, transfer taxes

______________ (transfer without consideration) – not subject to business tax but subject to transfer taxes (________ tax or _________ tax).

Gratuitous Transfer, donor's, estate

______________ (transfer with consideration):

Onerous Transfer

Onerous transfer (transfer with consideration): A. In the ordinary course of trade of business including _____________ transactions – subject to ____________ tax (either ________ or __________ tax plus _________ tax, if applicable) and ___________ tax, unless exempt.

incidental, business, vat, percentage, excise, income

2. Onerous transfer (transfer with consideration): B. Not in the course of trade or business – _____ subject to __________ tax but may be subject to __________. (Isolated/casual transactions made by residents)

not, business, income

Isolated transactions by ______________ on services rendered in the Philippines are considered in the ordinary course of trade or business, thus, subjected to ________________.

non-residents, Final Withholding Tax

There are three major business taxes in the Philippines, namely:

Value Added Taxes, Other Percentage Taxes, Excise Taxes

________________ is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines.

Value Added Tax (VAT)

Value Added Tax (VAT) is a tax on consumption levied on the ________, ____________, ___________ or _________ of goods or properties and services in the Philippines and on ____________ of goods into the Philippines.

sale, barter, exchange, lease, importation

The ___________ is the one statutorily liable for the payment of the tax but the amount of the tax _________ shifted or passed on to the buyer, transferee or lessee of the goods, properties or services. However, in the case of ______________, the ___________ is the one liable for the VAT.

seller, may be, importation, importer

_________________ is a tax on the value added by every seller to the purchase price or cost in the sale or lease of goods, property or services in the ordinary course of trade or business as well as on importation of goods into the Philippines, whether for personal or business use.

Value Added Tax

VAT is a tax on the value ________ by every _________ to the purchase price or cost in the sale or lease of goods, property or services in the ordinary course of trade or business as well as on ______________ of goods into the Philippines, whether for personal or business use.

added, seller, importation

It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines (cross border doctrine) and on importation of goods into the Philippines levied at each stage of production and distribution process. "

Value added tax

Cross border doctrine" means that _____ VAT shall be imposed to form part of the cost of goods destined for consumption ___________ the territorial border of the Philippine taxing authority.

no, outside

_______________ means that no VAT shall be imposed to form part of the cost of goods destined for consumption outside the territorial border of the Philippine taxing authority

cross border doctrine

Who is liable to pay the VALUE ADDED TAX? ______ person who, in the course of his trade or business, sells, barters, exchanges or leases goods or properties, or renders services, and ______ person who __________ goods, shall be liable to VAT under the Tax Code.

any, any, import

However, in the case of _____________ of taxable goods, the __________ whether an ___________ or ____________and whether or not made in the course of his trade or business, shall be liable to VAT under the Tax Code

importation, importer, individual, corporation

What is mean by in the course of trade or business? The term in the course of trade or business means the ____________ conduct or pursuit of a commercial or economic activity, including transactions ___________ thereto, by any person regardless of _________ or _______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.

regular, incidental, whether, not

____________ persons who perform services in the Philippines are deemed to be making sales in the course of trade or business, even if the performance of services is ___________.

Non-resident, Not Regular

_______________ is an indirect tax and the amount of tax may be shifted or passed on to the buyer, transferee or lessee of the goods, properties or services.

Value Added Tax

Value Added Tax is an ________________ and the amount of tax may be shifted or passed on to the buyer, transferee or lessee of the goods, properties or services.

indirect tax

____________ tax means the VAT due on the sale, lease or exchange of taxable goods or services by any person registered or required to register.

Output Tax

_____________ means the Vat on or paid by a Vat- registered on importation of goods or local purchase of goods, properties or services, including lease or use of property in the course of his trade or business.

Input Tax

It shall also include the transitional input tax and the presumptive input tax. It should be supported by receipts.

Input Tax

Input Tax It shall also include the ____________ input tax and the _____________ input tax. It should be supported by __________..

transitional, peesumptive, receipts

What are the characteristics of VAT? Ø It is an ___________ tax where tax shifting is ___________ presumed. Ø It is _____________-based. Ø It is imposed on the value-added in each stage of production and distribution process. Ø It is a ______________ method value-added tax (tax credit approach).

indirect tax, always, consumption, credit-invoice

What are kinds of VAT? 1. VAT on sale of ________ or ___________ 2. VAT on importation of __________ 3. VAT on sale of __________ and use or lease of __________

goods, properties, goods, services, properties

Topic 1

Mikyii · 67問 · 1年前

Topic 1