Which of the following is false regarding consumption and business tax?
Chapter24: Multistate Corporate Taxation
Section: Chapter Questions
Problem 2BCRQ
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Which of the following is false regarding consumption and business tax?
a. Importations of goods are subject to value-added tax whether the imported goods are to be used in business or not.
b. All business taxes are consumption taxes but not all consumption taxes are business taxes.
c. Business taxpayers with annual receipts higher than the VAT threshold who registered as VAT taxpayers may switch to a non-VAT registration provided such actual receipts during the year proved to be lower than the threshold.
d. A business taxpayer subject to other percentage taxes shall register as a VAT taxpayer if its total sales or receipts exceeds the VAT threshold.
e. All of the other choices is correct.
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