Mr. Mariano pays the occupation tax as an architect. He is also a building contractor. What tax is due on his business?Select one:a.Excise tax-specificb.Excise tax-ad valoremc.Percentage taxd.Value added tax
Question
Mr. Mariano pays the occupation tax as an architect. He is also a building contractor. What tax is due on his business?Select one:a.Excise tax-specificb.Excise tax-ad valoremc.Percentage taxd.Value added tax
Solution
The tax due on Mr. Mariano's business would be the Value Added Tax (d). This is because in most jurisdictions, both the professions of an architect and a building contractor are subject to this tax. The Value Added Tax, or VAT, is a type of tax that is applied incrementally, based on the increase in value of a product or service at each stage of production or distribution. It is typically imposed on the gross margin at each point in the manufacturing-distribution-sales process of an item. The buyers pay the VAT on the price of the product – less any of the cost of materials used in the product that have already been taxed.
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