Hi! Can you please select the anser base on Philippines business taxation so I can compare my answer to yours.

Consumption tax is a tax on business.*

True

False

Consumption is the purchase or utilization of goods or services

by any person.*

True

False

The objective of consumption tax is to curb unnecessary

spending.*

True

False

Business tax is a form of consumption tax.*

True

False

Excise tax, the tax on non-essential goods and "sin

products" like tobacco, cigarettes, liquor, etc., is not a form of

consumption tax.*

True

False

All consumption taxes are business taxes.*

True

False

Consumption tax is territorial. The place of taxation is where

the consumption occurred.*

True

False

Foreign consumption is taxable in the Philippines,*

True

False

Local consumption is taxable in the Philippines.*

True

False

Exportation of goods or services is generally exempt from

consumption tax.*

True

False

Importation of goods or services is subject to consumption tax

if the same is for the business of the importer.*

True

False

There are certain importations which may be exempted from the

consumption tax on importation.*

True

False

Local sale pertains to the sale of goods or services within the

Philippines by a resident seller and the acquisition or utilization of goods or

services within the Philippines by a resident buyer. In short, the seller and

buyer made the the transaction in the Philippines.*

True

False

The consumption tax on local sale may be in the form of the VAT

for VAT registered sellers, percentage tax for non-VAT registered sellers,

and/or excise tax on the production and sale of certain non-essential

goods/services or "sin" products.*

True

False

The rate of VAT is 10%.*

True

False

The general rate of percentage tax is 3% for now until the end

of the pandemic in 2023 as estimated.*

True

False

The difference between VAT seller and non-VAT seller is, the VAT

seller shifts the VAT to the buyer and the buyer is the one who pays for it and

seller merely collects it from him and remits it to the government. On the other

hand, the non-VAT seller cannot shift the percentage tax to the buyer. The

seller pays the percentage tax.*

True

False

Business tax (VAT, percentage tax, excise tax) is imposed only

if the seller of goods or services is a businessman (woman) or a business

entity.*

True

False

The government collects the consumption tax directly from the

buyer and not the seller.*

True

False

All local consumptions are subject to consumption tax.*

Yes

No

Pedro is an ambulant vendor of balut and vegetables. He

regularly goes around several barangays to sell his products. The sales of

Pedro (consumption of buyers) is subject to business tax (consumption

tax).*

Yes

No

Importer is any person, businessman or not, individual or

entity.*

True

False

As a rule, importation is subject to consumption tax regardless

of whether the importer is a business person/entity or not.*

True

False

The consumption tax on importation is in the form of input

VAT.*

True

False

The rate of input VAT on importation is 10%.*

True

False

The input VAT on importation is the liability of the

importer.*

True

False

Ecozones are selected areas with highly developed or which have

the potential to be developed into agro-industrial, Industrial

tourist/recreational, commercial, banking, investment and financial

centers.*

True

False

Economic zones in the Philippines are considered as foreign

territories for taxation purposes.*

True

False

Pedro is a local businessman. He sold goods to a local ecozone.

The sale of Pedro to the local ecozone is subject to business tax (consumption

tax).*

True

False

A local ecozone imported goods from a foreign corporation. The

importation of the ecozone is subject to the consumption tax on importation

(input VAT on importation).*

True

False

The input VAT on importation of goods shall be paid by the

importer prior the release of goods from the customs duty.*

True

False

The input VAT on imported goods is based on the total value used

by the Bureau of Customs in determining tariff and customs duties, plus customs

duties, excise taxes, if any, and other charges.*

True

False

If the customs duties are determined on the basis of the

quantity or volume of the goods, the value added tax shall be based on the

landed cost plus excise taxes, if any.*

True

False

The landed cost is the invoice amount of the imported

goods,*

True

False

The importation of an ecozone is a tax free importation

because.*

True

False

Importation of rice is exempt from the input VAT on

importation.*

True

False

Importation of feeds for racehorses is exempt from the input VAT

on importation.*

True

False

Importation of books and other educational reading materials is

not exempt from the input VAT on importation.*

True

False

Importation of life-saving equipment for local use is exempt

from the input VAT on importation.*

True

False

Importation of car is exempt from the input VAT on

importation.*

True

False

Importation of prescription drugs for obesity is exempt from

input VAT.*

True

False

Importation of capital equipment for the manufacture of PPE is

in the meantime exempt from the input VAT until 2023.*

True

False

Importation of fuels, goods, supplies by international shipping

or transport operators is exempt from the input VAT on importation.*

True

False

Importation of personal belongings by a balikbayan is exempted

from the input VAT.*

True

False

If the balikbayan imports too much belongings exceeding the

limit set by Customs, and the latter imposes customs duties and charges

already, the importation subjected to customs duties is subject to input VAT on

importation.*

True

False

National bookstore imported books and school supplies like

papers, pencils, etc. Which of the imported items shall be subject to input VAT

on importation?

books

school supplies

all of them

What if the importer of the books and schools supplies is not

engaged in business. Which of the following is subject to the input VAT on

importation?*

books

school supplies

all of the items

none of the items