Taxation, 2012 Bar — Question 30

MULTIPLE CHOICE

A pawnshop shall now be treated, for business tax purposes: a) As a lending investor liable to the 12% VAT on its gross receipts from interest income and from gross selling price from sale of unclaimed properties; b) Not as a lending investor, but liable to the 5% gross receipts tax imposed on a non-bank financial intermediary under Title VI (Other Percentage Taxes); c) As exempt from 12% VAT and 5% gross receipts tax; d) As liable to the 12% VAT and 5% gross receipts tax.

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