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Statement 1 All owners of domestic common carriers are subject to 3% common carriers tax. Statement 2 Domestic common carriers transporting passengers and cargoes originating from the Philippines to a destination outside the Philippines is subject to 0% value-added tax. a. Only Statement 1 is correct b.Only Statement 2 is correct c. Both statenments are correct d. Neither statement is correct

Statement 1 All owners of domestic common carriers are subject to 3% common carriers tax. Statement 2 Domestic common carriers transporting passengers and cargoes originating from the Philippines to a destination outside the Philippines is subject to 0% value-added tax. a. Only Statement 1 is correct b.Only Statement 2 is correct c. Both statenments are correct d. Neither statement is correct

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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Statement 1 All owners of domestic common carriers are subject to 3% common carriers tax. Statement 2 Domestic common carriers transporting passengers and cargoes originating from the Philippines to a destination outside the Philippines is subject to 0% value-added tax. a. Only Statement 1 is correct b.Only Statement 2 is correct c. Both statements are correct d. Neither statement is correct
Transcribed Image Text:Statement 1 All owners of domestic common carriers are subject to 3% common carriers tax. Statement 2 Domestic common carriers transporting passengers and cargoes originating from the Philippines to a destination outside the Philippines is subject to 0% value-added tax. a. Only Statement 1 is correct b.Only Statement 2 is correct c. Both statements are correct d. Neither statement is correct
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