1. Xian owns a restaurant. What business tax is due on his business?

Common carrier’s
tax
2. Which is NOT a major business internal revenue tax in the Tax Code? Income tax

3. Mr. Calisto had the following data of his horse races for the 2nd quarter of 2001:
Livin La Vida 1st Php 45, 000
Horizon 3rd 125, 000
Vampire 4th 30, 000
Lee 2nd 87, 500
Marimar 5th None
How much was the percentage taxes due to Mr. Calisto? Php 28, 750
4. Unity Bank posted the following data for the final quarter of 2001 from their lending
activities:
Remaining maturities of instruments Interest earned
Short term, not over 2 years Php 62, 500
Medium term, not over 4 years 37, 500
Long term, over 4 years but less than 7 years 15, 000
Long term, more than 7 years 12, 500
What is the percentage tax due? Php 4, 400
5. Elite Financing Corp. presented the following data for the first quarter of 2016:
Dividend income on stock investments Php 23, 250
Interest on lending activities with 3 years maturity Php 286, 000
Rental income on company equipment Php 48, 400
Commission/discounts on financial leasing With 6 years maturity Php 372, 500
Interest income on medium term maturity loan Php 82, 650
What is the percentage tax due? Php 18, 367

6. Seven Aces Finance Company presented the data for the first quarter of 2017:

Interest, commissions, discounts from lending Activities / financial leasing:

On short-term maturity Php 47, 500

On long term maturity (over 7 years) Php 107, 500

On medium term maturity Php 87, 500

Rental income on personal properties Php 22, 500

Dividend income Php 12, 500

Other ordinary income under the NIRC Php 180, 000

How much is the total percentage tax due? Php 15, 750

7. A VAT-registered individual, Mr. Agonias, posted the following information for a

taxable month, VAT not included:

Domestic sale to consumers Php 350, 000

Domestic sale to export traders Php 100, 000

Direct export sale Php 200, 000

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 Purchases, total invoice cost,

From VAT-registered individuals:

Of goods Php 330, 000

Of services Php 220, 000

What is the VAT of the sales? Php 650, 000

8. Mrs. Santos is a producer of fermented liquors. All taxes on the products and
transaction are passed on to buyers in making sales. Which is included in the gross
selling price? Excise tax
9. Paco imported a car from Japan for his personal use. Total landed cost is Php 125,
000 including custom duties of Php 25, 000. How much is the VAT payable? 15, 000
10. Mr. Ang, an importer, requests to output taxesits importation from the Bureau of
Customs. The imported goods were subjected to a 12 % customs duty in the amount
of Php 6, 250 and to other changes amounting to Php 4, 750. How much is the VAT
due? Php 7, 570
11. What is the explanation for the formula: output taxes - input taxes = value added tax
payable? Value-added taxes during a taxable period may not appear in the
financial statements.
12. Which receipts from the following entities are subject to VAT? All of the given
choices
13. Read and analyze the statements.I. The unused input tax of the dissolved
corporation as of the date of merger or consolidation shall be absorbed by the
surviving or new corporation.II. Real property held for investment declared as
property dividends to shareholders are considered as transactions deemed sale for
VAT purposes. True, true
14. Below is the data of selected accounts of a taxpayer, with VAT and non-VAT business.
No inventories were done at the start and end of the taxable period.

Purchases, all from VAT suppliers,

Exclusive of VAT Php 750, 000
Sales, exclusive of any tax:
Exports, VAT business 850, 000
Exports, non-VAT business 600, 000
Domestic sales, VAT business 200, 000
Domestics sales, non-VAT business 250, 000
How much is VAT payable on domestic sales? Php 14, 400

15. Bread Chat bakeshop sells pastry items to canteens in the National Capital Region.
Based on records, the canteens are allowed credit. For April of 2015, the total
amounts received or receivable from sales by the shop amounted to Php 110, 000,
including the value added tax. 75 % of the sales are usually on account. What is the
VAT on the sales amount for the month of April? Php 13, 200

16. Which is NOT applicable when a purchase from a VAT-registered person is for use
both in the VAT and non-VAT business of the purchaser? The VAT component of the

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 amount paid for the purchase should be allocated at once and at the time of
purchase between the VAT and non-VAT business.
17. Statement I. The account title, "VAT payable" refers exclusively to the excess of
output tax over the input tax. Statement II. In value-added tax, although the seller-
businessman is the one statutorily liable to pay, he does not shoulder the burden of
the tax. Statement III. Zero rated transactions are exempt transactions because it
does not result to output tax. Statement IV. There may be an export sale although
there is no sale or shipment of the goods from the Philippines to other countries.
Which of the options is correct? Statements 2 and 4 are correct.
18. Which transaction by a VAT-registered person does not result to output VAT? Export
sales.
19. Leslie Incorporated, a VAT registered trader had the following data during the last
quarter of the year:

Purchases Sales

October Php 627, 200 Php 392, 000

November Php 599, 200 Php 862, 400

December Php 959, 616 Php 789, 600

All of these are inclusive of VAT.

How much is the VAT payable for the month of November? Php 3, 000

How much is the VAT payable for the month of October? Php 0

20. Which is a creditable input tax allowed on one who became subject to VAT for the
first time? Transitional input tax
21. Kelvin, a non-VAT taxpayer, bought goods amounting to Php 5, 600.00, VAT inclusive,
from Vincent, a VAT registered seller. The passed on VAT of Php 560.00 on the
purchases is ___ Part of the cost of purchases
22. Jenny, a Korean residing in the Philippines bought clothes from Choi Corporation, a
local corporation, and exported the same to Korea. Total value of export is Php 100,
000. How much is the output tax due on the transaction? None because the sale is
exempt from VAT
23. Leila D. imported a car from the U.S. for her personal use. The total landed cost is
Php 250, 000 including the custom duties of Php 50, 000. How much is the VAT
payable? Php 30, 000
24. Which is NOT CORRECT? Export sales by VAT registered persons are not subject to
VAT.
25. Which transaction by a VAT-registered taxpayer is not subject to VAT? Sale of
services rendered in foreign countries

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