Quiz on Other Percentage Taxes

What is the nature of Other Percentage Tax (OPT)?

• A tax on personal income

• A business tax imposed on specified transactions

• A tax on property ownership

• A tax on capital gains

Which of the following is NOT a kind of Percentage Tax?

• Tax on real estate transactions

• Tax on franchises

• Tax on life insurance premiums

• Tax on domestic carriers

What is the tax rate for the Percentage Tax on persons exempt from VAT?

• 1%

• 3%

• 2%

• 5%

Which section covers the Tax on persons exempt from value-added tax?

• Section 118

• Section 115

• Section 116

• Section 117

What is the tax rate for domestic carriers under Section 117?

• 1%

• 4%

• 2%

• 3%

Which of the following is exempt from the common carrier's tax?

• Transportation contractors

• Keepers of garages

• Owners of bancas

• Domestic carriers by land

What is the tax rate for international carriers under Section 118?

• 4%

• 3%

• 2%

• 1%

Which of the following is subject to the franchise tax?

• Franchise on food delivery services

• Franchise on mobile applications

• Franchise on gas and water utilities

• Franchise on online streaming services

What is the threshold for annual gross sales to be exempt from VAT under Section 116?

• P3,000,000

• P2,000,000

• P4,000,000

• P1,000,000

Which statement is correct regarding percentage taxes?

• They are not allowed to be shifted to clients

• They are a form of income tax

• They are applicable to isolated transactions

• They can be shifted to customers