Taxation, 2012 Bar — Question 31

MULTIPLE CHOICE

Under the VAT system, there is no cascading because the tax itself is not again being taxed. However, in determining the tax base on sale of taxable goods under the VAT system: a) The professional tax paid by the professional is included in gross receipts; b) The other percentage tax (e.g., gross receipts tax) paid by the taxpayer is included in gross selling price; c) The excise tax paid by the taxpayer before withdrawal of the goods from the place of production or from customs custody is included in the gross selling price; d) The documentary stamp tax paid by the taxpayer is included in the gross selling price or gross receipts.

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