Which of the following is true? i. The general percentage tax is an explicit tax on consumption. ii. VAT and percentage tax are mutually exclusive. iii. In business taxes, the statutory taxpayer is normally the economic taxpayer. iv. The CREATE Law amended the VAT threshold to P3,000,000 from P1,919,500 (formerly P1,500,000). v. All of the other choices is incorrect.
Which of the following is true? i. The general percentage tax is an explicit tax on consumption. ii. VAT and percentage tax are mutually exclusive. iii. In business taxes, the statutory taxpayer is normally the economic taxpayer. iv. The CREATE Law amended the VAT threshold to P3,000,000 from P1,919,500 (formerly P1,500,000). v. All of the other choices is incorrect.
Chapter6: Accounting Periods And Other Taxes
Section: Chapter Questions
Problem 12MCQ
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Which of the following is true?
i. The general percentage tax is an explicit tax on consumption.
ii. VAT and percentage tax are mutually exclusive.
iii. In business taxes, the statutory taxpayer is normally the economic taxpayer.
iv. The CREATE Law amended the VAT threshold to P3,000,000 from P1,919,500 (formerly P1,500,000).
v. All of the other choices is incorrect.
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