9-7 (pg.

428)
9. Which of the following is not correct regarding the TIN?
a) Only one TIN is allowed for each taxpayer.
b) The TIN is issued every year every time the taxpayer is renewing his registration.
c) The TIN is required to be indicated in every taxpayer’s tax returns.
d) Failure to indicate correct TIN on documents specified to be indicated with TIN shall be subject
to applicable criminal sanctions.

12. In general, the tax rate of non-VAT business is

a) 3%
b) 5%
c) 10%
d) 12%

Problem 9-8 (pg. 429)

Mai Muta invested her excess money in the shares of stock of SMC. She acquired 10,000 shares at stock
exchange at a cost of P10 per share as her personal investment. After 3 months, due to her money
problems she decided to sell the shares of stock at P9 per share through the stock exchange. How much
is the amount of business tax?
a. No business tax because Mai is not engaged in business.
b. No business tax because Mai incurred loss on the sale.
c. P500
d. P450