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3. In the third quarter of 2017, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed
PhP 1,919,500 has the following data:
Accounts receivable, beginning of the quarter PhP 50,000
Sales during the quarter 100,000
Accounts receivable, end of the quarter 75,000
Purchase of supplies, total invoice amount 11,200
The percentage tax due is
A. PhP 2,250 B. PhP 3,000 C. PhP 7,500 D. PhP 6,500
PUV Corporation is a holder of franchise to operate transportation units on land. The records for the month show (net of
any tax):
Cargo Passenger
Gross Receipts from transporting PhP 2,0 00,000 PhP 3,000,000
13.Which of the following statements is incorrect about Transport Network Companies or TNCs (e.g., UBER, GRAB, etc.)?
A. TNC is a pool of land transportation vehicles whose accessibility to the riding public is facilitated through the use of a
common point of contact (e.g., text, telephone and/or cellular calls, email, mobile applications).
B. Both the TNC and each of their partners have the obligation to secure the required ATP OR and register books of
accounts (either manual books or CAS and/or its components including e-Invoicing System).
C. If the payment of the passenger is made to the TNC and the TNC pays its partners, the TNC shall issue non-VAT OR if
it is not a holder of a valid and current Certificate of Public Convenience issued by the LTFRB.
D. If the payment of the passenger is made to the Partner without a valid and current CPC and the Partner pays the TNC,
the Partner shall issue either a VAT OR if it is a VAT-registered taxpayer or a non-VAT OR if it has not exceeded the
threshold of P1,919,500 and has not opted for VAT registration.
14.The franchise tax of grantees of radio and television broadcasting whose annual gross receipts of the preceding year do not
exceed PhP 10,000,000 shall be
A. 2% of the gross receipts C. 4% of the gross receipts
B. 3% of the gross receipts D. 5% of the gross receipts
16. Franchise grantees of city gas and water utilities are subject to franchise tax of
A. 2% ` B. 3% C. 4% D. 5%
17. Amounts received for overseas dispatch, message or conversations originating from the Philippines are subject to
A. 3% franchise tax C. 2% franchise tax
B. 10% overseas communication tax D. 12% VAT
19. One of the following is not subject to amusement tax on gross receipts
A. Disco houses ` B. Cockpits C. Professional Basketball D. Bowling Alleys
20.All of the following except one are liable to pay the ½ of 1% stock transaction tax. Which one is not?
A. Individual taxpayers, whether citizen or alien C. Estates and trust
B. Corporate taxpayers, whether domestic or foreign D. Dealers in securities
Use the following information for the next two items
PKI Insurance Corporation, a domestic corporation, received the following premiums (net of any tax):
Insurance
Life Fire Marine
Cash received PhP 400,000 PhP 300,000 PhP 200,000
Promissory notes 100,000
Totals PhP 500,000 PhP 300,000 PhP 200,000
24.Y, is a holder of franchise to sell electricity. In a particular, its gross receipts amounted to PhP 2,000,000 from sale of
electricity. It has also receipts from the lease of its auditorium and theater amounting to PhP 600,000.
25. Coco operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for the particular quarter follow
26.Using the above data, except that the restaurant is not owned by Coco but is owned by another person, Yassi, not VAT
registered and whose annual gross sales never exceeded PhP 1,919,500.
27.Continuing the preceding number, the percentage tax due from Yassi is
A. PhP 90,000 ` B. PhP 135,000 C. PhP 225,000 D. PhP 7,500
28.A, a resident citizen, promoted a world boxing championship in Manila featuring B, a Filipino champion. Gate receipts
amounted to PhP 3,000,000 and additional receipts from TV coverage was PhP 2,000,000.
29. Assuming that the above data is not a world championship but a Philippine national boxing championship, how much is
the amusement tax?
A. None ` B. PhP 500,000 C. PhP 300,000 D. PhP 900,000
30.A is a radio-tv broadcasting franchise grantee. During the preceding year, its gross receipts did not exceed PhP 10,000,000.
During the first quarter of the current year, it has the following data:
A horseracing enthusiast has the following winnings during a particular racing day
Total winnings (winner take it all) PhP 10,000
Cost of winning tickets 500
31.The tax on winning is
A. PhP 1,000 ` B. PhP 400 C. PhP 950 D. Zero
32.Using the data above, but the total winnings came from double bet, the percentage tax on winnings is
A. PhP 1,000 ` B. PhP 400 C. PhP 950 D. 380
33.A domestic corporation paid PhP 40,000 stock transaction tax on Initial Public Offering (IPO) of 500,000 shares. After the
IPO, there were 800,000 shares outstanding. The selling price of IPO per share was
A. PhP 10 ` B. PhP 8 C. PhP 4 D. PhP 2
34.ABC Corporation, a closely held corporation has an authorized capital stock of 1,000,000 shares with a par value of
PhP 100/share as of January 1, 2017. Of the 1,000,000 authorized shares, 250,000 thereof is subscribed and fully paid by
the following stockholders:
A 150,000
B 50,000
C 25,000
D 12,500
E 12,500
Total Shares Outstanding 250,000
On March 1, 2017, ABC Corporation finally decides to conduct an IPO and initially offers 250,000 of its unissued shares
to the investing public at PhP 150.00/share. At the IPO, two of existing shareholders, A and B likewise decided to sell their
entire 150,000 and 50,000 shares respectively to the public also at PhP 150/share.
35.Later, on August 1, 2017, another stockholder C, sold his 25,000 shares to the public subsequent to the IPO at
PhP 200/share. The percentage tax due is
36. Using the preceding number, on September 1, 2017 ABC Corporation again decides to increase capitalization by offering
another 300,000 of unissued shares to the public at PhP 200/share consequently bringing the total issued shares to
800,000 shares, the percentage tax due is
A. PhP 600,000 ` B. PhP1, 200,000 C. PhP 2,400,000 D. PhP 0
37. A Realty Corporation in the course of business sells real property. During the month of January 2017, it had the following
data per sales document (VAT excluded):
The real property sold for cash had a zonal value of PhP 700,000 (excluding VAT) and the property sold under the
installment payment basis had a fair market value of PhP 600,000 (excluding VAT). How much is the output
VAT/percentage tax on the sale of real property?
39.LAS Corporation is a common carrier operational several units of transportation by land, air and sea. It had the following
data on gross receipts for the month of April (tax not included):
40.A Company engaged in stockbrokerage and dealership in securities provided the following data for the 2 nd quarter of 2017