Exercises Tax2
Exercises Tax2
Exercises Tax2
COO – FORM 12
1. Which of the following is not a major business internal revenue tax in the Tax Code?
2. X is an operator of parking lots. What business tax is due on his income from the business?
5. What is the tax rate on gross receipts of a small business with P500,000 gross receipts for the year,
but opted to be registered under the VAT business?
a. 2% c. 12%
b. 3% d. None
6. Miss J, a jeepney operator with 5 units operating in Iloilo City reported P109,000 as gross receipts
for the quarter. Her percentage tax for the quarter is 3720
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7. The percentage tax rate on shares of stock traded in the stock exchange is 6/10 of 1%
9. What would be the business tax rate on sales of a Cooperative Development Authority (CDA)
registered cooperative?
10. Ms. S, a sari-sari store owner, not a VAT-registered person provides the following data for the year
2022:
11. Pedro Cruz 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 drivers of the “boundary” was P1,500,000. No
official receipts are issued to him by the taxi drivers. Drivers causing damage to the taxi units paid
Pedro Cruz P10,000 for the quarter.
The value added tax or percentage tax due from Pedro Cruz is: 45,000
12. Ms. T operates a domestic carrier in Iloilo City with the following receipts during the first quarter of
2022:
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Email Address : svcst_leganes@yahoo.com
13. Gleim Company is a common carrier with passenger buses and cargo trucks. For the month of June,
2022, it had the data on revenues and receipts, taxes not included:
For transporting cargoes, gross revenues of P220,000, of which, P200,000 was received;
For renting out to its towing trucks, gross receipts of P50,000, representing P10,000 from gross
revenues of the quarter ending March 31 and P40,000 for the month of June.
15. Rabbit Company is a domestic carrier of goods and cargoes. It has the following receipts for the
quarter:
16. Y Company is a domestic carrier engaged in transport of passengers and cargoes. It has the following
receipts for the quarter:
17. Star Company is a domestic carrier engaged in the transport of passengers and cargoes. It has the
following receipts for the quarter:
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COLLEGE OF SCIENCE AND TECHNOLOGY
Cagamutan Norte, Leganes, Iloilo - 5003
Tel. # (033) 396-2291 ; Fax : (033) 5248081
Email Address : svcst_leganes@yahoo.com
18. In No. 17, the output value added tax at 12% rate is 15,000
19. Asian Tours and Cargoes Company is an international carrier, doing business in the Philippines, is
engaged in transportation of passengers and cargoes. It has the following receipts for the quarter:
20. As franchisee, Mr. A had the following data on revenues and receivables, taxes not included:
Receivables
Revenues Beginning Ending
From operations:
Covered by the franchise P2,000,000 P300,000 P400,000
Not covered by the franchise 600,000 80,000
The business taxes, before any tax credit, if selling water: 100,400
21. In No. 20, the business taxes, before any tax credit, if operating telephone services: 290,400
22. B Telecom Company is a franchise grantee rendering telephone and telegraph services. It has the
following receipts for the quarter:
23. X operates a racetrack. Other than the restaurant it operates, it also allows Y burger, a burger stand
operated by a concessionaire, to sell food inside its premises. The gross receipts during the month
are as follows:
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COLLEGE OF SCIENCE AND TECHNOLOGY
Cagamutan Norte, Leganes, Iloilo - 5003
Tel. # (033) 396-2291 ; Fax : (033) 5248081
Email Address : svcst_leganes@yahoo.com
24. Mr. A, a retired military general, frequently goes to race tracks (for horses) and cockpits. For the
month of June 2022, Mr. A has the following winnings:
1. P100,000 form his winning ticket at the race track, the cost of the ticket is
P1,000; 9,900
How much is the total percentage tax due / collected from Mr. A? 89,900
25. Juan Santos had the following records of his horse races in the 2 nd quarter of 2022:
Horses
1 Tiger 1st P 90,000
2 Doggie 3rd 250,000
3 Wolf 4th 60,000
4 Parrot 2nd 175,000
5 Eagle 5 th
None
26. A taxpayer had the following data on his transactions in marketable securities in the 3 rd quarter of
2022:
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COLLEGE OF SCIENCE AND TECHNOLOGY
Cagamutan Norte, Leganes, Iloilo - 5003
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Email Address : svcst_leganes@yahoo.com
Ratio of shares sold to outstanding shares is over 33 1/3 % 3,600 shares were sold
at P52.50 per share 1,890
27. What is the GRT rate applicable on gross receipts derived from sources within the Philippines by
banks and non-bank financial intermediaries from interest, commissions and discounts from lending
activities with maturity period of more than 5 years? 1%
28. What is the GRT rate applicable on gross receipts derived from sources within the Philippines by
banks and non-bank financial intermediaries from interest, commissions and discounts from lending
activities with maturity period of 5 years or less? 5%
29. What is the GRT rate applicable on gross receipts derived from sources within the Philippines by
banks and non-bank financial intermediaries from dividend? 0%
30. Statement 1: All winnings are subject to tax on winnings. F
Statement 2: Amusement taxes are imposed on all places of amusement. F
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COLLEGE OF SCIENCE AND TECHNOLOGY
Cagamutan Norte, Leganes, Iloilo - 5003
Tel. # (033) 396-2291 ; Fax : (033) 5248081
Email Address : svcst_leganes@yahoo.com
Problem 1:
Alpha, an alcoholic beverage, classified as non-essential product was imported for sale. The particulars of
which are as follows: exchange rate is $ 1: P50
Other expenses prior to the release of goods from customs custody 15,000.00
a) How much is the applicable excise tax? How much is the VAT on importation? 267,500: 160,500
b) How much is the creditable input tax? 163,500
c) How much is the output tax? 420,000
d) How much is the VAT payable? 256,500
Problem 2:
Ace Company, manufacturer of cooking oil made of corn, has the following data for the month:
Sales 5,000,000.00
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COLLEGE OF SCIENCE AND TECHNOLOGY
Cagamutan Norte, Leganes, Iloilo - 5003
Tel. # (033) 396-2291 ; Fax : (033) 5248081
Email Address : svcst_leganes@yahoo.com
Problem 3:
Neland, a manufacturer of sardines has the following data for the month of June:
Sales 15,000,000.00
Problem 4:
AndJane Company decided to register under the VAT system on January 2, 2019 for the first time. The
following were from the 1st quarter ending March 31, 2019.
Sales 5,000,000.00
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COLLEGE OF SCIENCE AND TECHNOLOGY
Cagamutan Norte, Leganes, Iloilo - 5003
Tel. # (033) 396-2291 ; Fax : (033) 5248081
Email Address : svcst_leganes@yahoo.com
Problem 5:
Purchases of office supplies sold to the city of Manila, Net of VAT. 560,000.00
END
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