BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The payment of VAT is monthly
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A VAT-registered taxpayer can pass on the VAT even to non-VAT registered buyers.
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Any business pursued by an individual where the aggrerate gross sales or receipts do not exceed P100, 000 during any 12-month period shall be considered principally for subsistence or livelihood and not in the course of trade or business
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Non-stock, non-profit private organizations are subject to VAT if their income from sales is used for non-profit purposes
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Detailed explanation-1: -Which of the following is not subject to VAT? a. Non-stock, non-profit private organizations are not subject to VAT if their income from sales is used for non-profit purposes.
Detailed explanation-2: -Home mortgage interest, medical expenses, contributions, and other personal expenses cannot be claimed as deductions for income tax purposes.
Detailed explanation-3: -VAT applies to practically all sales of services and imports, as well as to the sale, barter, exchange, or lease of goods or properties (tangible or intangible). The tax is equivalent to a uniform rate of 12%, based on the gross selling price of goods or properties sold, or gross receipts from the sale of services.
Detailed explanation-4: -Business tax is a tax imposed on the gross sales or receipts of a VAT or NON-VAT taxpayer. The tax rate ranges from 3% to 12% depending on the tax type, such as VAT or NON-VAT.