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States tax liquor and cigarettes as way to regulate usage.
a). True
b). False
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As liquor and Cigarette are injurious to health it is necessary to put a stop on their consumption. Hence the states levy excise tax so that the prices will go high and people will consuming less.
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- The use tax is designed to complement the sales tax. A use tax typically covers purchases made out of state and brought into the jurisdiction. True FalseSome states exclude necessities, such as food and clothing, from their sales tax. Other states do not. Discuss the merits of this exclusion in terms of both efficiency and equity.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.
- Thank you11. Due to the enactment of the CREATE Law, some provisions therein produced confusions on the part of the taxpayers. To clarify certain matters, the Commissioner of Internal Revenue may issue: A. Revenue Regulations B. Revenue Memorandum Order C. Revenue Memorandum Circular D. Revenue Rulings 12. The government, beginning January 2021, temporarily imposed what is called Safeguard Tax (SG Tax) on certain imported motor vehicles to minimize the influx of foreign-made vehicles to the detriment of local manufacturers. The purpose of the imposition of the SG Tax is based on A. Primary purpose of taxation B. Fiscal purpose C. Regulatory purpose D. Sumptuary purpose 13. Which of the following is not among the powers of the Commissioner? I. Issue Revenue Regulations II. Offer Voluntary Assessment and Payment Programs (VAPP) to taxpayers with delinquent accounts for a specific year or period III. Offer estate tax amnesty to taxpayers IV. Require taxpayers to file Related Party Transaction…An example of an expense not allowed as a deduction under Code Sec. 162(a) would be: a, a speeding ticket. b, expense incurred while operating an illegal gambling business. c, a government imposed penalty. d, both a and c. e, all of the above.
- What happens when a qualified exempt importer subsequently sells what was imported to a taxable person? The sale is still exempt The taxable person shall pay for the VAT to the Bureau of Internal Revenue The taxable person shall pay for the VAT to the Bureau of Customs The importer should pay for the VATSection 280E is a federal statute that bars any business, or portion of its business, engaged in trafficking a Schedule I or II controlled substance (such as cannabis) from deducting non-COGS related deductions or credits for federal tax purposes. List 3 things about the application of this statute to see if this has any affect on the tax reporting of companies in states that have legalized the cannabis industry.Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers from customers to be paid to tax authorities later. O b. Sales tax is recorded and paid by customers to tax authorities. O c. Sales tax is not required to be mentioned in the sales invoice prepared by a seller. O d. Sales tax is the amount of discount extended to customers by retailers to be disclosed to tax authorities.
- The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances. Group of answer choices True FalseWhat are the constitutional limitations on the State's power to tax?4. a) Explain why Customs (Amendment) Act 2018 and Free Zones (Amendment)Act 2018 was introduced by Parliament. b) Provide the requirements of issuing invoices under the Sales Tax Act 2018. This is not a Bussines Law Question. This is a Tax based question. Please answer the question if can, if u can't, don't reject the question let others to answer. Thank you.
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