Section 108, NIRC. A pawnshop shall now be treated, for business tax purposes: (2012 Bar Question)

The question

Section 108, NIRC. A pawnshop shall now be treated, for business tax purposes: (2012 Bar Question)

1. 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;
2. 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);
3. C.As exempt from 12% VAT and 5% gross receipts tax;
4. D.As liable to the 12% VAT and 5% gross receipts tax.

This question has not been answered yet.