Identify if the following situations are whether: a) Subject to 12% VAT b) Subject to 0% VAT
Question:
Identify if the following situations are whether: a) Subject to 12% VAT b) Subject to 0% VAT c) VAT-exempt d) Subject to percentage tax 1. If books in digital or electronic format and not devoted to publication of paid advertisements and is compliant with the requirements under R.A. 8047 is sold today, the transaction is: ? 2. XYZ Bank collects charges from its depositors for any bank-related services. The charges are: ? 3. John owns a piece of land valued at Php 1 Million. XYZ Corp. wanted to buy the land but John refused to sell it. By way of compromise, the parties agreed for John to transfer ownership of the land to XYZ Corp. in exchange for 10% of its outstanding shares valued at Php 1 Million. The transaction is: ? 4. XYZ Homeowners Association collects the following from its homeowners located in Jem 9 Subdivision. Monthly association dues - Php 1,000 Other charges (security and waste management - Php 1,000 The collections are: ? 5. XYZ Condominium Homeowners Association collects monthly association dues and other charges for security, waste management and maintenance of common use service areas (CUSA) from homeowners in XYZ Condominium Tower. The collections are: ? 6. Sale of gold is generally: ?
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso