Which of the following shall be exempt from value-added-tax? I. Sales by agricultural cooperatives to their members as well as sale of their products, whether in its original state or processed form, to non-members; II. Gross receipts from lending activities by credit or multi-purpose cooperatives duly registered with the Cooperative Department Authority; III. Sales by non-agricultural, non-electric, and non-credit cooperatives duly registered with the Cooperative Department Authority I and II only I only II only III only I, II and III

Which of the following shall be exempt from value-added-tax? I. Sales by agricultural cooperatives to their members as well as sale of their products, whether in its original state or processed form, to non-members; II. Gross receipts from lending activities by credit or multi-purpose cooperatives duly registered with the Cooperative Department Authority; III. Sales by non-agricultural, non-electric, and non-credit cooperatives duly registered with the Cooperative Department Authority I and II only I only II only III only I, II and III

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter16: Multijurisdictional Taxation

Section: Chapter Questions

Problem 2BCRQ

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BBAAA is a duly-registered credit cooperative. On one occasion, BBAAA rented out its facility to a certain review center for the conduct of review sessions. The owner of the review center is not a member of the cooperative. Is the rental income of the cooperative taxable? a. No, income of duly-registered cooperatives are excluded from taxable income (tax-exempt). b. Yes, only income from credit transactions of the cooperative is tax exempt. c. Yes, the transaction of the cooperative is not with a member hence, taxable. d. Answer not given
Which of the following is wrong? * Foreign and domestic banks may have an EFCDU. A non-profit hospital is an exempt corporation taxable only on income from unrelated activities. All cooperatives, regardless of classification, are subject to income tax on their income from unrelated activities. None of the above.
Which of the following set of taxes are prohibited? I. Imposition at the same time of income tax and value-added tax on the same transaction.II. Imposition of donor’s tax (a transfer tax) and local transfer tax on the same donation of a parcel of land. A. Only I is prohibited.B. Only II is prohibited.C. Both I and II are prohibited.D. Neither I nor II are prohibited.
What would be the appropriate account title for funds collected by a sales tax custodial fund? A. Sales tax revenue B. Other financing sources C. Additions-tax collections for other governments D. Sales taxes receivable
Which of the following is correct about input tax for the retailer? O a. Tax realized by the retailer from the consumer O b. Tax paid by the retailer to the wholesaler O c. Total amount paid by the consumer O d. VAT paid by the wholesaler to Government
Which of these is NOT a tax assessed by the state to earn revenue? A Sales Tax B Excise Tax C Hotel Occupancy Tax D Entertainment Ticket Tax
3. The following are deductions from input taxes, except a. Input tax claimed as tax credit b. Input tax attributed to Vat exempt sales С. Input tax attributed to sales to government d. Input tax on zero-rated sales
Which of the following constitutes "unrelated activity"? Interest income on loans to members by a credit cooperative Miscellaneous fees collected from students by a school entity School canteen income generated by the school Rental income derived by a non-profit entity from its properties None of the above
All of the following represent taxes commonly collected by businesses except: Oa. Employment Insurance taxes Ob. Federal sales taxes Oc. Provincial sales taxes Od. Harmonized sales taxes
Which of the following set of taxes are prohibited?
Which of the following is not a sale and therefore is not subject to the value-added tax? Transfer, use or consumption not in the ordinary course of business of goods or properties ordinarily intended for sale or use in the course of business. Distribution or transfer to shareholders or investors of share in the profits of a VAT-registered person. Distribution or transfer to creditors in payment of debt. Consignment sales.
Which of the following is not an exclusion from gross income? A. Income of government propertiesB. Income taxes collected by the BIRC. SSS benefitsD. Dividend income payable to a foreign government