On the transactions listed below, classify each of these…

Question Answered step-by-step On the transactions listed below, classify each of these… On the transactions listed below, classify each  of these transactions/businesses according to these classifications ( items A – F). Write the CAPITAL letter corresponding to your choice.Subject to 12% value-added taxZero rated (0%) value-added taxSubject to Other Percentage Tax (OPT)Subject to Excise TaxSubject to both 12% value – added tax and Excise taxExempt from business taxBusinesses/TransactionsTRANSACTIONS/BUSINESSESCLASSIFICATION1).   Sale of wines by an importer 2).   Sale of cotton 3).   Trader of goods whose gross receipts exceeds P3,000,000. 4).   International air carrier transporting passengers only 5).   International air carrier transporting goods only. 6).   Importation of fertilizers. 7).   An individual taxpayer whose gross receipts for the year amounted to P100,000. 8).   Domestic common carriers transporting goods /cargoes. Gross receipts for the year P2,600,000 9).   Domestic common carriers (VAT registered) transporting goods/cargoes. Gross receipts for the year amounted to P2,300,000. 10).   Sale of sugar cane 11).  Philippine commercial banks 12).   MERALCO 13). A telephone franchise grantee offering local and overseas communication services. Gross receipts for its first year of operations amounted to only P2,5000,000. 14).   VAT registered exporter. 15).  Sale of low-cost housing by VAT registered real estate companies. 16).  Hog dealer. 17).  New Wave Resort. 18).   A radio-television broadcasting franchisee. Gross receipt for the preceding year amounted to P12,000,000. 19).   Professional fees. 20).   Traders of fresh fruits whose gross receipts exceeds P3,000,000. INSTRUCTIONS:In the classification column, write the number of your choice.Write the answers legibly and explain each. Law Social Science Tax law TAX 1000 Share QuestionEmailCopy link Comments (0)

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