Sale of personal clothing for P10,000 by a foreign non-business seller to a resident non-business buyer What is the type of consumption tax?
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Sale of personal clothing for P10,000 by a foreign non-business seller to a resident non-business buyer
What is the type of consumption tax?
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- Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? *SellerBuyerBoth Seller and BuyerAnswer not given Which is wrong? * International carriers doing business in the Philippines shall pay a tax equivalent to 3% of their quarterly gross receipts derived from the transport of cargoes, baggage, or mails from the Philippines to another country. International carrier's transport of passenger is exempt from tax. Keepers of garage are subject to 3% common carrier’s tax regardless of the amount of their gross receipts. All common carriers are subject to VAT on their transport of passengers or cargoes by water or by air Who is the person statutorily liable to pay the consumption tax on local sale of goods and services? * SellerBuyerBoth Seller and BuyerAnswer not givenKickbacks received from suppliers of clients Interest income on time deposit (net) Dividend income from domestic corporations Professional expenses Household expenses, Premium payment on health insurance Facilitation fees paid to government agencies a. P325,000 b. P340,000 Compute the amount of his taxable income subject to basic tax for 2021? c. P415,000 d. P445,000 Gross sales, Ukraine Sales returns and allowances, Ukraine Cost of sales, Ukraine Use the following data for the next three (3) questions: A resident citizen, married, with two (2) qualified dependent children has the following data for the year 2021: Gross sales, Philippines Sales returns and allowances, Philippines Cost of sales, Philippines Business expenses, Philippines Business expenses, Ukraine Interest income, peso bank deposit BDO-Marikina Interest income, US dollar deposit, BDO-Mandaluyong Gain from sale of residential house and lot (selling price, P3,000,000; FMV, time of sale, P5,000,000) Gain from sale of…Problem 1: A non-resident alien not engaged in trade or business derived P50,000 interest income from his long-term bank deposit here in the Philippines. How much is the income tax due of the said alien?
- A non-resident alien not engaged in trade or business derived P 50,000 interest income from his long-term bank deposit in the Philippines. How much is the income tax due of the said alien? P 5,000 P 12,500 P 10,000 NilAssume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer P89,600LJ, vat taxpayer, sells to Chris, vat taxpayer P134,400Chris, vat taxpayer, sells to Abi P201,600Abi, nonvat taxpayer, exported the goods in Canada P300,000 Required: Determine the following:A Vat payable of ApolB Vat payable of LJC Vat payable of ChrisD Vat payable of AbiAnnual sales of P6,000,000 of tobacco products by a resident business seller to foreign business buyersWhat type od consumption tax?
- Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? P50,000 P40,000 P87,500 P70,000what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000 P50,000 P100,000 P175,000A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero
- .Statement 1: Non-resident individual taxpayer are also subject to 15% final tax on their income from expanded foreign currency deposit system.Statement 2: There can be a 6% capital gains tax on sale of a real property in USA. True, True False, False False, Truew True, False11. A VAT-registered taxpayer with several businesses had the following Chapter Last 12 months P 4,600,000 Current month 700,000 200.000 10.000 15 A Premiums from life insurance Premium from non-life insurance 1920.000 Imput VAT-non-life products 140,000 b. 16 What is the VAT payable for the current month? GP 24,000 a PO b P14,000 d. P 108,000 Last Current Sales of fertilizers and seeds Sales of equipment Input VAT on processed foods 12 months P 1,800,000 1,500,000 140,000 month 200,000 150,000 13,000 18. A Compute the VAT payable for the current month. PO c.P 18,000 a. b. P5,000 d. P 29,000 12. A VAT taxpayer is engaged in mixed transactions: Exempt sales N/A 12,000 Export sales Regular sales P 300,000 200,000 19 Output VAT Input VAT P. 36,000 What is the creditable input VAT? PO 20 a. c. P236,000 d. P248,000 b. P200,000 13. In the immediately preceding problem, what is the VAT payable? a P100,000 b. P 64,000 c. P 52,000 d. P 0 14. The taxpayer made a sale of P400,000 to the…Badges of trade are used to determine A. if an individual is UK resident or not B. whether or not a trade exists C. how much tax an individual should pay D. the age of a taxpayer 10. Unused pension allowance can be carried forward up to A. 1 year B. 3 years C. 2 years D. 6 years.