Statement 1: VAT is a tax on consumption levied on the sate, barter, exchange, lease of goods or properties and services in the Philippines and importation of goods into the Philippines. Statement 2: VAT is a form of sales tax

Who is not required to file VAT returns?

In the case of importation of taxable goods, who shall be liable to pay VAT?

One of the following is not a major business internal revenue taxes in the tax code?

The account title to best reflect the VAT on a purchase?

Who shall be statutorily liable to pay for the tax on sale of goods or properties and sale of services and lease of properties?

Which of the following shall not be included in the term goods or properties?

Which of the following shall be subject to VAT?

Sale of a real property the initial payments of which exceed twenty-five percent (25%) of the gross selling price in the year of sale.

Which of the following is not subject to value-added tax?

Which of the following statements is incorrect?

Statement 1: A person subject to excise tax is also subject to value-added tax; Statement 2: A person subject to percentage tax is also subject to value-added tax.

Which of the following is not a sale and therefore is not subject to the VAT?

Under the VAT law, which of the following sales may not be zero- rated?

Which of the following statements is wrong? The VAT is

Which one is not included in the tax base of VAT on importation:

Kathrine Bernardo, who recently broke up with her boyfriend of 11 years, Dee Jay, receives a package of goods from her sister who lives in California, USA. Misa Bermando will use the package for personal purposes. She is not a VAT-registered person. Which of the following statements is correct in connection with the receipt of a package?

Andrea Hakusho, a Japanese citizen residing in the Philippines, bought garments from Francine Corporation, a domestic corporation, and exported the same to Japan. Total value of exports is Php10,000,000. The output tax due on the transaction is

Following are various transactions for different taxpayers: A, non-VAT taxpayer, sells to B, a VAT taxpayer Php600,000 B, VAT taxpayer, sells to C, a VAT taxpayer Php900,000 C, a VAT taxpayer, sells to D, a VAT taxpayer (exporter) Php150,000 D, VAT taxpayer, exports materials Php300,000 The VAT of B for the transaction is:

Kimmy Chu is a VAT-registered real estate dealer. She sold a residential lot on January 31, 2017. The following information was made available on the terms of the sale: Initial payments (down payment and installment for the year Php9,000,000 Balance, starting February 28,2017 Php21,000,000 Zonal Value Php28,000,000 How much was the total output tax due?

Using the same information in item number 27, how much is the output tax due on February remittance?

Gillian Valencia Corporation, a VAT-registered entity, made the following purchases during the month of August 2023: Goods for sale, Inclusive of VAT Php246,400 Supplies, exclusive of VAT Php20,000 Office air-conditioner, invoice price, EUL-3 years Php56,000 Home appliance for residence, gross of VAT Php17,920 Service for store repair, invoice price, non-VAT Php33,000 Service repainting of store, total invoice amount evidenced by ordinary receipt issued by contractor Php4,480

Items 33 to 37 refer to Seth Corporation, a VAT-registered entity, hos the following transactions: Sale of good to private entities, net of VAT Php2,500,000 Purchases of goods sold to private entities, gross of VAT Php896,000 Sales to a GOCC, net of VAT Php1,000,000 Purchases of goods sold to GOCC, net of 12% VAT Php700,000 How much is the output tax?

Items 33 to 37 refer to Seth Corporation, a VAT-registered entity, hos the following transactions: Sale of good to private entities, net of VAT Php2,500,000 Purchases of goods sold to private entities, gross of VAT Php896,000 Sales to a GOCC, net of VAT Php1,000,000 Purchases of goods sold to GOCC, net of 12% VAT Php700,000 How much is the standard input tax?

Items 33 to 37 refer to Seth Corporation, a VAT-registered entity, hos the following transactions: Sale of good to private entities, net of VAT Php2,500,000 Purchases of goods sold to private entities, gross of VAT Php896,000 Sales to a GOCC, net of VAT Php1,000,000 Purchases of goods sold to GOCC, net of 12% VAT Php700,000 How much is the creditable tax?

Items 33 to 37 refer to Seth Corporation, a VAT-registered entity, hos the following transactions: Sale of good to private entities, net of VAT Php2,500,000 Purchases of goods sold to private entities, gross of VAT Php896,000 Sales to a GOCC, net of VAT Php1,000,000 Purchases of goods sold to GOCC, net of 12% VAT Php700,000 How much is the input tax closed to expense?

Items 33 to 37 refer to Seth Corporation, a VAT-registered entity, hos the following transactions: Sale of good to private entities, net of VAT Php2,500,000 Purchases of goods sold to private entities, gross of VAT Php896,000 Sales to a GOCC, net of VAT Php1,000,000 Purchases of goods sold to GOCC, net of 12% VAT Php700,000 How much is the VAT payable to the BIR?

Which of the following lots qualifies under a deferred plan?

How much is the output tax for the month of October 2018?

How much is the output tax for the month of December 2018?

41. The VAT on importation of goods which are subsequently used or sold in the course of trade or business by a VAT registered importer shall be treated as: I. tax credit II. Inventoriable cost III. Expense

42.Magnifico Corp. is a vat-registered dealer of appliances. The following data are for the last quarter of the year: Sales, total invoice value Php6,920,000 Purchases, net of input taxes. Php5,500,000 Sales return, total invoice value Php200,000 Purchase return, net of VAT Php300,000 Deferred input taxes (carried over from the third quarter of the year) Php12,000 The value added tax payable for the last quarter of the year by Magnifico Corp. is:

Bianca Manalo Corp., is a VAT registered entity with the following data for a taxable month: Domestic Sales Php500,000 Transactions deemed sales Php500,000 Export Sales Php500,000 Sales to Win Gatchalian, an export-oriented enterprise. Php500,000 Purchases (invoice cost from VAT-registered entities) Php224,000 Purchases invoice cost from non VAT-registered entities) Php100,000 The VAT payable of Bianco Manalo Corp. should be:

Statement 1: For a person to be subjected to any business tax, it is necessary that he is regularly engaged in the conduct or pursuit of an economic activity Statement 2: Government entities engaged in economic or commercial activity are generally exempt from VAT.

Statement 1: A taxpayer whose annual gross receipts or sales exceed Php3,000,000 but who is VAT registered shall pay VAT. Statement 2: On January 1, 2018, Seth Fidelin, Inc., a newly established business is expected to generate a revenue for the year 2018 amounting to Phip3,500,000, thus mandatorily liable to VAT