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$The$ $following$ $statements$ $are$ $correct$ $relative$ $to$ $a$ $non-VAT$ $registered$ $taxpayer$ $with$ $a$ $gross$ Sannual$ $sale$ $of$ $not$ $more$ $than P3,000,000, $except$: a. The taxpayer is subject to 3% percentage tax. b. The taxpayer may opt to register under the excise tax system based on the value of goods sold at the appropriate tax rate. c. The taxpayer may opt to register under the 12% value-added tax system. d. The taxpayer, once registered under his/her preferred option, shall not be allowed to cancel his/her registration for the next three years.

$The$ $following$ $statements$ $are$ $correct$ $relative$ $to$ $a$ $non-VAT$ $registered$ $taxpayer$ $with$ $a$ $gross$ Sannual$ $sale$ $of$ $not$ $more$ $than P3,000,000, $except$: a. The taxpayer is subject to 3% percentage tax. b. The taxpayer may opt to register under the excise tax system based on the value of goods sold at the appropriate tax rate. c. The taxpayer may opt to register under the 12% value-added tax system. d. The taxpayer, once registered under his/her preferred option, shall not be allowed to cancel his/her registration for the next three years.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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$The$ $following$ $statements$ $are$ $correct$ $relative$ Sto$ $a$ $non-VAT$ $registered$ $taxpayer$ $with$ $a$ $gross$ $annual$ $sale$ $of$ $not$ $more$ $than P3,000,000, $except$: a. The taxpayer is subject to 3% percentage tax. b. The taxpayer may opt to register under the excise tax system based on the value of goods sold at the appropriate tax rate. c. The taxpayer may opt to register under the 12% value -added tax system. d. The taxpayer, once registered under his/her preferred option, shall not be allowed to cancel his/her registration for the next three years.
Transcribed Image Text:$The$ $following$ $statements$ $are$ $correct$ $relative$ Sto$ $a$ $non-VAT$ $registered$ $taxpayer$ $with$ $a$ $gross$ $annual$ $sale$ $of$ $not$ $more$ $than P3,000,000, $except$: a. The taxpayer is subject to 3% percentage tax. b. The taxpayer may opt to register under the excise tax system based on the value of goods sold at the appropriate tax rate. c. The taxpayer may opt to register under the 12% value -added tax system. d. The taxpayer, once registered under his/her preferred option, shall not be allowed to cancel his/her registration for the next three years.
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