5. The gross receipt tax on banks from other items of gross income added from interest income is a. 7% b. 5% c. 3% d. 1% 6.

ANSWER
A
C
C
D
A
D
C
D
C
C
A
me is a. 7% b. 5% c. 3% d. 1% 6. Statement 1: Reinsurance premium is exempt from the percentage tax. Statement 2: Reinsurance premium
Statement 2: Reinsurance premium is exempt from VAT. Which statement is correct? a. Statement 1 b. Statement 2 c. Both statements d.
Statement 2 c. Both statements d. Neither statement 7. Agents of foreign insurance are subject to a. 2% premiums tax b. 5% premiums ta
premiums tax b. 5% premiums tax c. 4% premiums tax d. 10% premiums tax 8. Which is not subject to amusement tax? a. Places of boxin
amusement tax? a. Places of boxing exhibitions b. Places of professional basketball games c. Cockpits d. Golf course 9. The premiums tax o
Golf course 9. The premiums tax on insurance premium is a. 2% b. 3% c. 5% d. 7% 10. The percentage tax for operators of race tracks is a.
x for operators of race tracks is a. 10% b. 15% c. 18% d. 30% 11. Operators of discos or cabarets are subject to an amusement tax of a. 10
ject to an amusement tax of a. 10% b. 15% c. 18% d. 30% 12. The general percentage tax on winnings from a horse race is a. 3% b. 4% c. 5
om a horse race is a. 3% b. 4% c. 5% d. 10% 13. Which winning is subject to percentage tax? a. Winnings from lotto b. W
from lotto b. W