$The$ $following$ $statements$ $are$ $correct$ $relative$ $to$ $a$ $non-VAT$ $registered$ $taxpayer$ $with$ $a$ $gross$ 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.
Chapter6: Business Expenses
Section: Chapter Questions
Problem 51P
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item#1
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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