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Quiz in Midterm (Transfer and Business Tax)

Determine whether the transaction belongs to:

A VAT Transaction
B Zero-Rated VAT
C VAT-exempt, OPT-exempt
D VAT-exempt, subject to OPT
E Transactions with the government units
Just write the corresponding letter in your answer sheet.
1. Purchase of imported products
2. Sale of shares of stock through the stock market
3. Non-VAT radio and TV broadcasting franchise grantees with gross receipts of
P8,000,000 per year.
4. Sale of services to local air transport companies.
5. Sales of goods with annual gross ales of P2,000,000.
6. Transport of passengers by land.
7. Sale of commercial property amounting to P3,000,000.
8. Importation of supplies by international shipping business.
9. Sales of processed marine food products amounting to P2,500,000 per year.
10.Printing and publication of books.
11.Sales of agricultural food products in their original state.
12.Sales of services to the Bureau of Internal Revenue.
13.Services rendered by professionals amounting to P720,000 per year.
14.Sales of duly registered cooperative.
15.Sale of residential house and lot amounting to P3,000,000.
16.Sale of residential lot amounting to P2,000,000.
17.Lease of residential unit with monthly rental of P10,000.
18.Gross receipts within for services by international shipping carriers.
19.Gross receipts for services rendered for overseas dispatch originating from
the Philippines.
20.Gross receipts for services rendered to TESDA.