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its a mcq please answer the letter only 1. Under TRAIN Law which of the following is liable to 12% VAT on their sales or

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its a mcq please answer the letter only

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1. Under TRAIN Law which of the following is liable to 12% VAT on their sales or gross receipts? Group of answer choices a. P5,000,000/yr gross receipts of local bank b. P500,000/yr sales of VAT registered Sari-sari store c. P10,000,000/yr gross receipts of Radio broadcast franchise holder d. P3,000,000/yr gross receipts of race tract operator 2. A seller of agricultural food products is VAT-exempt. His annual gross sales in 2018 amounted to P3,000,000. To what business tax is he liable? 3% tax on VAT-exempt persons . 3% common carrier's tax c. 12% value-added tax d. None 3. Statement 1, A P3M domestic sales for the year of non VAT trader is subject to 12% VAT. Statement 2, A P10M export sales for the year of non-VAT exporter is subject to 12% VAT. Group of answer choices a. True, true b. false, true C. false, false d. true, false 4. X is real property lessor. It is expecting to be generating more than P3M/year gross receipts from rent collections of 50 residential units. Statement 1, It must be registered as VAT if the annual rent per unit is more than P15,000. Statement 2, it will be liable to business tax even when it is renting out a unit at P15,000/month. Group of answer choices a. false, false b. false, true C. True, true d. true, false

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