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Problems

(1-2)- Gloria is a common carrier with passenger buses and cargo trucks. For the month of june 2015, it had the following data on
revenues and receipts, taxes not included:
 For transporting passengers, gross revenues and receipts of 330,000.
 For renting out to the MMDA its towing trucks, gross receipts of 50,000, representing 10,000 from gross revenue of the quarter
ending march 31 and 40,000 for the month of June.
1. The percentage tax is:
a. 17,400 b. 9,900 c. 16,500 d. 15,900
2. The output value-added tax is:
a. 24,000 b. 28,800 c. 25,000 d. 30,000

3. Pagoda is a common carrier by sea. During a particular quarter, its receipts consist of the following:
Gross receipts, without tax:
Transport of passengers 1,000,000
Transport of goods 1,500,000
Transport of cargoes 500,000
The output VAT and OPT due for the quarter are:
Output VAT OPT Output VAT OPT
a. 240,000 30,000 c. o 90,000
b. 360,000 0 d. 360,000 30,000

Items 4 through 6 are based on the following information:


Revenues of the current period 400,000
Collections during the period of:
Revenues of prior periods 50,000
Revenues of the current period 300,000
Revenues of the succeeding period (advances) 10,000
4. The business tax if a domestic common carrier by land for the transport of passengers:
a. 12,000 b. 9,000 c. 10,800 d. 22,800
5. The business tax if a night club:
a. 54,000 b. 64,800 c. 72,000 d. 136,800
6. The business tax if a race track:
a. 120,000 b. 228,000 c. 90,000 d. 108,000
7. A horseracing aficionado has the following winnings during a particular race day:
Total winnings 10,000
Cost of winning tickets 500
The tax on winnings is:
a. 1,000 b. 400 c. 950 d. 380

Items 8 and 9 are based on the following information:


In the second quarter of 2015, a taxpayer engaged in the sale of services and whose annual gross receipts do not exceed 3,000,000
has the following data:

Accounts receivable, beginning of quarter P 50,000


Sales during the quarter 100,000
Accounts receivable, end of quarter 75,000
Purchase of supplies, total invoice amount 11,200
8. The percentage tax due for the quarter is:
a. 2,250 b. 3,000 c. 1,914 d. 2,664
9. Assuming the taxpayer is VAT-registered, the VAT payable is:
b. 2,250 b. 9,000 c. 7,656 d. 7,800
10. Gloria operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for a particular quarter follow:
Gross receipts:
Cockpit operation 500,000
Restaurant operation:
Sale of food 100,000
Sale of liquor 150,000
The amusement tax due from Matuti is:
a. 90,000 b. 135,000 c. 225,000 d. 112,500
11. Gloria invested 500,000 in the shares of stock of Tabako Corp. The corporations’s shares are listed and are traded in the local
stock exchange. Gloria sold the shares for 350,000 through the local stock exchange. The percentage tax on the sale is:
a. 6,000 b. 3,500 c. 1,750 d. 2,500 e. 2,100.00 f. nil
g. 52,500 h. 15,000 i. 5,000 j. 10,000 k. 48,000.00
12. Gloria, a dealer of securities invested 500,000 in the shares of stock of Tabako Corp. The corporations’s shares are listed and are
traded in the local stock exchange. Gloria sold the shares for 350,000 through the local stock exchange. The percentage tax on
the sale is:
a. 6,000 b. 3,500 c. 1,750 d. 2,500 e. 2,100.00 f. nil

13. Gloria, not a dealer invested 500,000 in the shares of stock of Tabako Corp. The corporation’s shares are listed and are traded in
the local stock exchange. Gloria sold the shares for 350,000 in December 2017 through the local stock exchange. The percentage
tax on the sale is:
a. 6,000 b. 3,500 c. 1,750 d. 2,500 e. 2,100.00 f. nil

14. Gloria, not a dealer invested 500,000 in the shares of stock of Tabako Corp. The corporations’s shares are listed and are traded
in the local stock exchange. Gloria sold the shares for 350,000 in December 2017 directly to the buyer. The percentage tax on
the sale is:
a. 6,000 b. 3,500 c. 1,750 d. 52,500 e. 2,100.00 f. nil

15. Gloria, not a dealer invested 500,000 in the shares of stock of Tabako Corp. The corporations’s shares are listed and are traded
in the local stock exchange. Gloria sold half of the shares for 350,000 in December 2018 directly to the buyer. The tax on the
sale is:
a. 6,000 b. 15,000 c. 1,750 d. 52,500 e. 2,100.00 f. nil

16. Gloria, not a dealer invested 500,000 in the shares of stock of Tabako Corp. The corporations’s shares are listed and are traded
in the local stock exchange. Gloria sold half of the shares for 350,000 in December 2017 directly to the buyer. The tax on the
sale is:
a. 5,000 b. 15,000 c. 1,750 d. 52,500 e. 2,100.00 f. nil

17. Gloria, not a dealer invested 500,000 in the shares of stock of Tabako Corp. The corporations’s shares are listed and are traded
in the local stock exchange. Gloria sold half of the shares for 400,000 in December 2017 directly to the buyer. The tax on the
sale is:
b. 5,000 b. 10,000 c. 1,750 d. 52,500 e. 2,100.00 f. nil

18. Gloria, a dealer invested 500,000 in the shares of stock of Tabako Corp. The corporations’s shares are listed and are traded in
the local stock exchange. Gloria sold half of the shares for 400,000 in December 2017 directly to the buyer. The tax on the sale
is:
c. 5,000 b. 10,000 c. 1,750 d. 48,000 e. 2,100.00 f. nil
19. Angara operates Mapili Taxi with three units in Metro Manila. During the quarter, Taxi no.1 recorded gross receipts of 3,200,
Taxi no.2 (net of 500 gasoline expense), 3,500 and Taxi no.3 4,500. The common carriers tax due is:
a. 363 b. 351 c. 336 d. none

20. Saludo is an operator of a fleet of taxis in Metro Manila. Since he operates under the “boundary system”, the actual payments
to him by the taxi No official receipts are issued by the taxi drivers of the “boundary” was 150,000. No official receipts are issued
by the taxi drivers. Drivers causing damage to the taxi units paid Saludo 10,000 for the quarter. The value-added tax or
percentage tax due from Saludo is:
a. 4,800 percentage tax c. 18,000 value-added tax
b. 4,500 percentage tax d. 19,200 value-added tax

Theories
1. The percentage tax on Winnings is imposed on the Winnings of bettors in:
a. Cockfighting
b. Horse race
c. Jai-alai
d. Boxing

2. Which of the following transportation providers is not subject to percentage tax?


a. School bus operators
b. Cargo truck operators
c. Passenger jeepney operators
d. Car rental business

3. A person whose business is to keep automobiles for hire or keep them stored for use or order.
a. Keepers of garage
b. Common carrier
c. Taxicab operator
d. Tourist bus operator

4. First statement: The tax on insurance premium applies to every person, company or corporation doing life insurance business of
any sort in the Philippines, except purely cooperative companies and associations
Second statement: A person engaged in non-life insurance business is subject to value-added tax
a. Both statements are correct c. only the first statement is correct
b. Both statements are incorrect d. only the second statement is correct

5. The RATE Program of the Bureau of Internal Revenue is to eradicate


a. Underground economy
b. Smugglers
c. Evaders
d. Unregistered taxpayers

6. Which of the following is not true? The percentage tax:


a. Is basically a tax on sale of services
b. May be imposed together with the value-added tax
c. May be imposed on a sale of goods
d. May be imposed together with the excise tax

7. First statement: the 10% tax on winnings is based on actual amount paid for every winning ticket after deducting the cost of the
ticket.
Second statement: the rate of tax on winnings in case of double forecast/quinella and trifecta bets shall be four percent
(4%) of the actual amount paid for every winning ticket after deducting the cost of the ticket.
a. Both statements are correct c. only the first statement is correct
b. Both statements are incorrect d. only the second statement is correct

8. One of the following is subject to common carrier’s tax.


a. Owners of bancas
b. Owners of animal-drawn two-wheeled vehicles
c. Common carriers by air or water for transport of passengers, goods or cargoes
d. Common carriers by land for transport of passengers

9. Which statement is wrong?


a. The percentage taxes are basically on sales of services
b. Generally, percentage taxes are paid monthly
c. The percentage taxes are allowed by law to be shifted to the customers or clients
d. An isolated transaction not in the course of business will not result in a liability for a percentage tax
e. b and d
f. a and c
g. a and b
h. a, b and c
i. all of the choices a-d
j. none of the choices a-d
10. A seller of goods is not VAT-registered. His annual gross sales amount to P 3,000,000.00. To what business tax is he liable?
a. 3% tax on VAT-exempt persons c. 3% common carrier’s tax
b. 12% value-added tax d. not subject to any percentage tax

11. The operator of one of the following places is not subject to amusement tax:
a. Cockpits b. racetracks c. bowling alleys d. KTV karaoke joints

12. Chavit, a Filipino citizen, promoted a world boxing championship in Manila featuring Pacman, a Filipino champion. Gate receipts
amounted to 3,000,000 and additional receipts from television coverage were 2,000,000. The amusement tax due is:
a. Exempt b. 500,000 c. 300,000 d. 600,000

13. Shares of stock held as investment when sold through the local stock exchange shall be subject to:
a. 6/10 of 1% based on gross selling price or gross value in money
b. 12% VAT based on gross income
c. 5% on first P100,000 capital gain; 10% on excess of 100,000
d. 4%; 2%; 1% based on gross selling price or gross value in money
e. 15% Capital Gains tax

14. Shares of stock held as investment when sold directly to the buyer shall be subject to:
a. 6/10 of 1% based on gross selling price or gross value in money
b. 12% VAT based on gross income
c. 5% on first P100,000 capital gain; 10% on excess of 100,000
d. 4%; 2%; 1% based on gross selling price or gross value in money
e. 15% Capital Gains tax

15. All of the following, except one, are liable to 6/10 of 1% stock transaction tax. Which one is not?
a. Individual taxpayers, whether citizens or aliens
b. Estate and trust
c. Corporate taxpayers, whether domestic or foreign
d. Dealers in securities

16. First statement: The gross receipts of common carriers derived from their incoming and outgoing freight shall be subject to the
local taxes imposed under the Local Government Tax Code.
Second statement: The 3% common carrier’s tax is based on the actual quarterly gross receipts or minimum quarterly
receipts whichever is lower.
a. Both statements are correct c. only the first statement is correct
b. Both statements are incorrect d. only the second statement is correct

17. The minimum quarterly gross receipts of a jeepney operator in Baguio City is:
a. 7,200 b. 3,600 c. 2,400 d. 1,200

18. International carriers doing business in the Philippines is subject to the:


a. 3% percentage tax on their gross receipts
b. 3% percentage tax on their actual gross receipts or minimum gross receipts whichever is higher
c. 12% value-added tax on their gross receipts
d. Zero percent value-added tax on their gross receipts

19. Which of the following statements is wrong? Where a common carrier’s gross receipts in a twelve-month period does not
exceed 100,000:
a. He is not required to register his business name with the BIR
b. He is not subject to the percentage tax
c. He is not subject to value added tax
d. He is not subject to any internal revenue business tax

20. One of the following statements is wrong. Operators of transport facilities by land are:
a. Subject to the value-added tax on gross receipts from transporting passengers
b. Subject to the value-added tax on gross receipts from transporting goods and cargoes
c. Subject to percentage tax on gross receipts from transporting passengers
d. Subject to the value-added tax on gross receipts from renting out its transportation facilities

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