Taxation, 2014 Bar — Question XXV

MULTIPLE CHOICE

Which of the following transactions is subject to Value-Added Tax (VAT)? (1%) (A) Sale of shares of stock listed and traded through the local stock exchange; (B) Importation of personal and household effects belonging to residents of the Philippines returning from abroad subject to custom duties under the Tariff and Customs Code; (C) Services rendered by individuals pursuant to an employer-employee relationship; (D) Gross receipts from lending activities by credit or multi-purpose cooperatives duly registered with the Cooperative Development Authority;

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