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Exercises - Percentage Taxes

1. The document provides 30 exercises calculating various percentage taxes in the Philippines based on scenarios involving sales, receipts, and other financial transactions. 2. The percentages taxes included are value-added tax (VAT), percentage tax, amusement tax, franchise tax, and capital gains tax (CGT). 3. The exercises provide the relevant financial information and ask the reader to calculate the percentage tax due based on the details and tax rates provided.

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Maristella Gaton
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229 views2 pages

Exercises - Percentage Taxes

1. The document provides 30 exercises calculating various percentage taxes in the Philippines based on scenarios involving sales, receipts, and other financial transactions. 2. The percentages taxes included are value-added tax (VAT), percentage tax, amusement tax, franchise tax, and capital gains tax (CGT). 3. The exercises provide the relevant financial information and ask the reader to calculate the percentage tax due based on the details and tax rates provided.

Uploaded by

Maristella Gaton
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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EXERCISES - PERCENTAGE TAXES

I. From the following data compute the tax due:


1. Sale of food & refreshment by Manila Hotel total invoice amount P4,480,000.480,000 VAT
2. Sale of food & refreshment by an operator in a cockpit P300,000.54,000, 18% OPT
3. Receipts of PEGASUS night club for 3 months P 4,500,000.810,000, 18% OPT
4. Total cash collections of PBA for the 3rd Q of 2007 P 30,000,000.4,500,000, 15% OPT
5. Sales of shares of stock though LSE 20,000 shares sold at P100/share: cost P75/share.12,000,
0.6% OPT
6. Dividends won in a horse race by Keith P50,000 as owner, cost of winning ticker 1,000.4,900,
10% OPT, LESS COTS OF TICKETS
7. What if the above winning is won from a double bet.1,960, 4% OPT, LESS COTS OF TICKETS
8. Total receipts of an establishment form Boxing Exhibition P2,000,000.200,000, 10% OPT
9. What if the above receipts were from a world championship match between Duterte and Delima
both Filipinos in the Phil. promoted by Robredo, a Filipino Citizen.0
10. Total life Insurance Premiums collected by Manulife for the 2 nd Q of 2007 P20,000,000.0
11. Interest Income by BDO form medium-term loans P4,000,000.200,000, 5% OPT
12. If the above income is from a loan extending over seven years.40,000, 1% OPT
13. Shares of stock 10,000/ sold shares at P500/share; cost P300/share; not thru LSE. 300,000, 15%
CGT
14. If the above sales were made thru LSE. 30,000
15. If the above sales were made by a stock broker involving ordinary assets.240,000, VAT

16 & 17 are based on the following


In the third quarter of 2009, a taxpayer engaged in the sale of services whose annual gross
receipts do not exceed P3M has the following data:
Accounts receivable, beginning of quarter 50,000
Sales during the quarter 100,000
Accounts receivable, end of quarter 75,000
Purchase of suppliers, total invoice amount 11,200

16. The percentage tax due the quarter is: (75*3%) =2,250

17. Assuming the taxpayer is VAT-registered, the VAT payable is: (75-10)*12%=7,800

18. Jojo Ne operates Magulang Taxi with three units in Metro Manila. During the quarter, Taxi no.1
recorded gross receipts of P 3,200, Taxi no.2 (net of P500 gasoline expense), P 3,500 and Taxi
no.3 P 4,500. The common carriers tax due is: (3600+4000+4500)*3%=363

19. Grandbaby is a common carrier by land. During a particular quarter, its receipts consist of the
following:
Transport of passengers 1,000,000
Transport of goods 1,500,000
Transport of cargoes 500,000
The common carriers tax payable is: 1,000,000*3%=30,000

20. Using the data in no. 19, the output VAT is: (figure without VAT): (1500+500)*12%=240.000

21. Aling Puring is the owner of a small variety store. His gross sales in any one year do not exceed
of P1.9M. He is not VAT-registered. The following data are taken from the books of the variety
store for the quarter ending March 31, 2012
Merchandise inventory, Dec. 31, 2012 100,000
Gross sales 450,000 *3%

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Purchase from VAT-registered suppliers 350,000
The percentage tax due is: 13,500

22. Calla Water n’ Gas Corp. (CalaWaNG) is a holder of franchise to sell water services. In a
particular quarter, its gross receipts amounted to P2,000,000. It has also receipts from the lease of
its auditorium and theatre amounting to 600,000. The percentage tax due for the quarter is:
2,000,000*2%=40,000

23. Emong operates a cockpit. Inside the cockpit, he also operates a restaurant. Data for the particular
quarter follow:
Gross receipts:
Cockpit operation 500,000*18%
Restaurant operation:
Sale of food 100,000*18%
Sale of liquor 150,000*18%
The amusement tax due is: 135,000

24. Using data in no. 23, except that the restaurant is not owned by Emong but is owned by another
person. Chikababes, not VAT-registered and whose annual gross sale never exceeded P1.5M. The
amusement tax due is: 500*18%=90,000

25. Continuing to no. 23, the percentage due form Chikababes is:250*3%=7,500

26. J. Co. promoted a world boxing championship in Manila featuring Manny Yapak, a Filipino
champion. Gate receipts amounted to P 3,000,000 and additional receipts from television
coverage was P 2,000,000. The amusement tax due is:NONE

27. Assuming the above is not a world championship but a Philippine national boxing championship,
how much is the amusement tax? 5,000,000*10%=500,000

28. Kapuso is a radio-TV broadcasting franchise grantee. During the preceding year, its gross receipts
did not exceed P 10,000,000. During the first quarter of the current year, it has the following data:
Gross receipts, sale of airtime 2,000,000*3%
Gross receipts, use of radio 500,000*3%
Station’s communication facilities business expenses 700,000

The franchise tax due for the quarter is: 75000

29. Oppa Gangnam a horseracing enthusiast and owner of winning horse has the following winnings
during a particular race day:
Total winnings 10,000
Cost of winnings tickets 500
Price received as owner of winning horse 50,000
The tax on winning is: (10,000-500+50,000)*10%

30. Lalab invested P 500,000 in the shares of stock of Manila Trading Corp. Later she told the said
shares for only P 350,000. The corporation’s shares are listed and are traded in the local stock
exchange. The percentage tax on the sale is: 2,100

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