Q2 Flashcards
It is a judicial necessity to give, to do, or not to do
Obligation
It is a meeting of minds between two persons whereby one binds himself with respect to another, to give something or to render some services
Contract
Individual tax payers are classified into the following groups, except
Contractor
Any person who, in the course of trade or business, sells barters, exchanges, leases goods or properties, render services, and any person who imports goods shall be subject to _____. This is an indirect tax, and the amount of tax may be shifted or passed on the buyer, transferee or leasee of the goods, properties, or services.
Value-Added Tax
This applies to goods manufactured or produced in the Philippines for domestic sales or consumption or for any other disposition and to things imported as well as services performed in the Philippines. It is imposed in addition to the tax in #4.
Excise Tax
Excise taxes imposed and based on weight or volume capacity or any other physical unit of measurement is referred to as _____
Specific Tax
Excise taxes imposed and based on selling price or other specified value of the good or service performed is referred to as _______
Ad Valorem Tax
____ is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other
disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale.
Capital Gains Tax
____ is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or
transfer of an obligation, rights, or property incident thereto.
Documentary Stamp Tax
____ is a tax on all yearly profits arising from property, profession, trades or offices, or as to a tax on a person’s income,
emoluments, profits, and the like.
Income Tax
___ is a business tax imposed on persons or entities who sell or lease goods, properties, or services in the course of trade
or business whose gross annual sales or receipts do not exceed P550,000 and are not VAT-registered.
Percentage Tax
According to the National Building Code, the following are types of construction except
Cement
Which of the following is not a section of the Sanitation Code of the Philippines?
Markets & Abattoirs
According to the Ecological Solid Waste Management Act, solid waste containers must be marked or identified using the
following (original) classification, except
Biodegradable
