Lyceum of the Philippines University a. two percent c.

three percent
Cavite Campus b. five percent d. ten percent
College of Business Administration
First Semester, AY 2023-2024 6. Who is the taxpayer for tax on winnings?
I – Owner of the winning horse
Course Title: Business and transfer taxation II – Holder of the winning ticket
Course Code: TAXN02B a. I only c. Both I and II
Quiz 01: Percentage Taxation b. II only d. Neither I and II
Total Points: 35 POINTS
NAME: 7. Which of the following transaction is subject
COURSE AND YEAR: to overseas communications tax?
a. Outbound calls
INSTRUCTION: For problem solving, show b. Inbound calls
your solutions in a separate sheet of yellow c. Outbound payments to postal services
paper, encircle and double rule your final d. Inbound payments to postal services
answer
8. In general, the percentage tax return is
THEORIES: required to be files:
a. Within 10 days from the close of taxable
1. Which of the following is exempt from quarter
common carrier’s tax? b. Within 15 days from the close of taxable
a. Pedicabs quarter
b. Animal-draw-two-wheeled vehicles c. Within 20 days from the close of taxable
c. Tricycles quarter
d. Jeepneys d. Within 25 days from the close of taxable
quarter
2. Which of the following franchisees is not
subject to franchise tax? 9. Which of the following taxes have been
a. Radio franchisees repealed by the Bayanihan to Recover as One
b. Television franchisees Act?
c. Electric utility franchisees a. Overseas Communications tax
d. Water utility franchisees b. Stock transaction tax
c. Tax on Initial Public Offering
3. The Philippines Amusement and Gaming d. Amusement Taxes
corporation (PAGCOR) is:
a. Always subject to franchise tax 10. All of the following are subject to 18%
b. Always subject to VAT amusement tax, except:
c. Subject to franchise tax only on its casino a. Cockpits c. Cabarets
operations b. Day clubs d. Jai-alai
d. Exempt from percentage tax or VAT
PROBLEM SOLVING
4. Transport of passenger by air within the
Philippines is: PROBLEM 1:
a. Subject to 3% common carrier’s tax Tyra banks a banking institution, had the
b. Subject to 12% value added tax following transactions for the taxable month:
c. Subject to 0% value added tax Interest from loans,
d. Exempt from both common carriers tax and 3 years before maturity 772,000
VAT Interest from loans,
7 years before maturity 270,000
5. Overseas communications tax is imposed at Dividends and equity shares in net income of
the rate of: subsidiaries 856,000
Royalties received 517,000
Rental payments received 838,000
Net trading gains 407,000

Compute for the gross receipts tax.

PROBLEM 2:
Sabungan sa Bayan is operated by Alfred
Hitchcock. During the first quarter of 2019, it
had the following receipts:
Entrance fee for audience 5,150,000
Registration fee
for cockfighters 5,930,000
Lease payment made by
private concessionaires
with places inside the cockpits 4,270,000
Advertisement fees 4,200,000

Compute for the amusement tax due

PROBLEM 3:
Lakbayan Company has a fleet of cars, buses,
trucks, ships, and planes. During the year, the
following services were rendered by Lakbayan
Company as a common carrier on the domestic
transport of passengers and cargoes.

Transport by Passenger Cargoes

Cars 627,000 128,000
Buses 585,000 185,000
Trucks 43,000 616,00
Ships 713,000 813,000
Planes 424,000 433,000
Total 2,392,000 2,175,000

Requirement:
a. How much is the common carrier’s tax due?
b. How much is the other percentage taxes due
under CREATE law?
c. How much is the output VAT