True or False – Part 4 False 1. Non-VAT taxpayers pay their quarterly tax in three monthly payments. False 2.

Loans or agency
ayments. False 2. Loans or agency monies received by the business are part of gross receipts. True 3. Receipts that do not redound to the
ceipts that do not redound to the benefit of the taxpayer are not included in gross receipts. True 4. There are three types of business taxe
e are three types of business taxes: VAT, percentage tax and excise tax. True 5. There two types of business taxpayers: VAT and non-VAT
ness taxpayers: VAT and non-VAT taxpayers. True 6. Normally, VAT and percentage tax are mutually exclusive. True 7. Excise tax is an addi
usive. True 7. Excise tax is an addition to either VAT or percentage tax for businesses manufacturing or importing excisable articles. False
mporting excisable articles. False 8. The accounting period for business tax is called the taxable year. Note: Taxable quarter. True 9. VAT t
te: Taxable quarter. True 9. VAT taxpayers pay their quarterly tax in two monthly and one quarterly payment. True 10. The taxable quarte
ment. True 10. The taxable quarters of an individual are patterned after that of the calendar quarter. True 11. The taxable quarters of a c
ue 11. The taxable quarters of a corporation adopting a fiscal year for income tax purposes shal