1. A domestic carrier by sea is engaged in the transport of passengers, goods and cargoes. It...
Question:
1. A domestic carrier by sea is engaged in the transport of passengers, goods and cargoes. It is not VAT-registered and its annual gross receipts do not exceed P3,000,000 during 2018. To what business taxes is it liable?
a. 12% value-added tax
b. 3% OPT under Section 116
c. 3% common carrier's tax under Section 117
d. Not subject to business tax.
2. Assume Floyd opted to be taxed at 8%% on his gross sales and receipts, his applicable business tax is:
a. Subject to 12% vat
b. Vat exempts but subject to 3% OPT under Section 116
c. 12% vat or 3% OPT, at his option
d. None of the above
3.What is the rate for individual citizens earning purely compensation income (annual) of 560,000?
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133405507
13th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones