Topic 2

24問 • 1年前

問題一覧

What is the Value-added Tax on Sale of Goods or Properties? Goods or properties include all __________ and _____________ objects that are capable of monetary estimation. To be subject to ____________ tax, the sale must be related to business or trade. The sale should be consummated in the _____________ regardless of the terms of payment made between the contracting parties.

tangible, intangible, business, Philippines

Rate and Base of Tax (VAT) _______ of the ______________

12%, Gross Selling Price

_______________ means the total amount of money or its equivalent which the __________ pays or is obligated to pay to the _________ in consideration of the sale, barter or exchange of the goods or properties, ___________ VAT. The ____________, if any, on such goods or properties shall form part of the gross selling price.

Gross Selling Price, Purchaser, Seller, Excluding, Excise Tax

The term goods and properties means all intangible and tangible objects which are capable of pecuniary estimation and shall include, among others: a. Real property held primarily for _______ to customer or held for _________ in the ordinary course of trade or business b. The ________ or privilege to use patent, copyright, design, or model plan, secret formula or process goodwill trademark trade brand or other like property or right. c. The _______ or the privilege to use motion picture films, films, tapes, and discs d. Radio, television, satellite transmission and cable television time.

sale , lease, right, right

Sale of real properties shall refer to real properties held primarily for ________ to customers or held for __________ in the ordinary course of trade or business of the __________ in the case of sale of real properties on the _______________, the ______________ shall be subject to _______ on the installment payments, including _________ and ___________, actually and/or constructively received by the _________.

sale, leases, seller, installment plan, real estate dealer, interests, payments, seller

2.2. What are the Transactions deemed sale? Certain transactions which are ______ actually sales because of the ___________ of actual exchange between the buyer and the seller, are considered or included in the term sale for value added tax purposes. For deemed sale transaction, the taxable base is the ______________ of such goods as of the occurrence of the transaction considered as sale. In transaction deemed sale, the _________ was already used by the seller as a credit against the ____________. However, since there was _____ actual sale, no ___________ is actually charged to ____________. Consequently, the state will be deprived of its right to collect the ___________. To avoid a situation where a vat registered taxpayer avail of the _________ credit ___________ being liable for the corresponding ____________, certain transactions should be considered sales even in the ___________ of actual sales.

not, absence, market value, input vat, output tax, no, output vat, customers, output vat, input vat, without, output vata, absence

The following transactions shall be deemed sale: 1. Transfer, use or consumption _______ in the course of business of goods or properties originally intended for sale or for use in the course of business; 2. Distribution or transfer to: a. ____________ or ____________as share in the profits of the _____ registered persons; or b. _____________ in payment of debt; 3. ___________ of goods if actual sale is _____ made within _____ days following the date such goods were consigned 4. Retirement from or cessation of business, with respect to inventories of taxable goods existing as of such retirement or cessation.

not, Shareholders, Investors, Creditors, Consignment, 60

The VAT shall not apply to goods or properties existing as of the occurrence of the following: 1. Change of _________ of a corporation by the acquisition of the controlling interest of such corporation by another stockholder or group of stockholders. 2. Change in the trade or corporate ________ of the business; 3. __________ or _______________ of corporations. The _________ input tax of the ___________ corporation, as of the date of merger or consolidation, shall be absorbed by the surviving or ______ corporation.

control, name, merger, consolidation, dissolved, new

The value of goods or properties sold and subsequently returned or for which allowances were granted by a VAT-registered person may be ____________ from the ____________ or __________ for the ____________ in which a refund is made or credit memorandum or refund is issued. _____________ granted and indicated in the invoice at the time of sale and the grant of which does ______ depend upon the happening of a __________ event may be ____________ from the _____________ within the same quarter it was given.

deducted, gross sales or receipts, quarter, Sales Discount, not, future, excluded, quarter

What is the Value-added Tax on Importation of Goods? Rate and Base of Tax _________ of the _____________ _______________ means the total value used by the Bureau of Customs in determining tariff and customs duties, plus customs duties, excise taxes, if any, and other charges. Where the customs duties are determined on the basis of the ___________ or ___________ of the goods, the value-added tax shall be based on the _________ cost ______ excise taxes, if any.

12%, Total Value, Total Value, quantity, volume, landed, plus

Transfer of Goods by Tax-exempt Persons. In the case of tax-free importation of goods into the Philippines by persons, entities or agencies exempt from tax where such goods are subsequently sold, transferred or exchanged in the Philippines to non-exempt persons or entities, the purchasers, transferees or recipients shall be considered the _____________ thereof.

importers

What is the Value-added Tax on Sale of Services and Use or Lease of Properties? Rate and Base of Tax _______ of _________________ .

12%, Gross Receipts

The term sale or exchange of services means the performance of all kinds of services in the Philippines for others for a fee, remuneration or consideration, including those performed or rendered by: 1. Construction and service contractors 2. Stock, real estate, commercial, customs and immigration brokers; 3.Lessors of property, whether personal or real; Lease of property shall be subject to VAT regardless of the place where the contract of lease or licensing agreement was executed if the property leased or used is located in the ______________.

Philippines

4. Warehousing services; 5. Lessors or distributors of cinematographic films; 6. Persons engaged in milling, processing, manufacturing or repacking goods for others; A miller, who is a person engaged in milling for others (except ________ into rice, _______ into corn grits, and ___________ into raw sugar), is subject to VAT on sale ofservices.

palay, corn, sugarcane

7. Proprietors, operators or keepers, of hotels, motels, rest houses, pension houses, inns, resorts; 8. Proprietors or operators of restaurants, refreshment parlors, cafes and other eating places, ___________ clubs and caterers; 9. Dealers in securities; Dealer in securities means a merchant of stock or securities, whether an individual partnership or corporation, with an established place of business, regularly engaged in the purchase of securities and their resale to customers, that is, one who as a merchant buys securities and sells them to customers with a view to the gains and profits that may be derived therefrom.

including

10. Lending investors; Lending investor ___________ all persons other than banks, non-bank financial intermediaries, finance companies and other financial intermediaries ______ performing quasi banking functions who make a practice of lending money for themselves or others at interest. 11. Transportation contractors on their transport of goods or cargoes, ____________ persons who transport goods or cargoes for hire and other domestic common carriers by land relative to their transport of goods or cargoes; 12. Common carriers by air and sea relative to their transport of passengers, goods or cargoes from one place in the ___________ to another place in the ____________.

includes, not, including, Philippines, Philippines

14. Services of franchise grantees of electric utilities, telephone and telegraph, radio and/or television broadcasting and all other franchise grantees, ________ franchise grantees of radio and/or television broadcasting whose ________ gross receipts of the ___________ year do ______ exceed ______________ and franchise grantees of _____ and ________ utilities; 15. _________ insurance companies (________ their _______ insurances); 16. Similar services regardless of whether or not the performance thereof calls for the exercise or use of the physical or mental faculties.

except, annual, preceding, not, P 10M, gas, water, Non-Life, except, crop

The phrase sale or exchange of services also includes: 1) The _________ or the use of or the right or privilege to use copyright, patent, design or model, plan, secret formula or process, goodwill, trademark, trade brand or other like property or right; 2) The _________ or the use of, or the right to use of any industrial, commercial or scientific equipment;

lease, lease

3) The __________ of scientific, technical, industrial or commercial knowledge or information; 4) The ___________ of any assistance that is ancillary and subsidiary to and is furnished as a means of enabling the application or enjoyment of any such property, or right as is mentioned in subparagraph(2) or any such knowledge or information as ismentioned in subparagraph (3);

supply, supply

5) The __________ of services by a ____________ person or his employee in connection with the use of property or rights belonging to, or the installation or operation of any brand, machinery or other apparatus purchased from such ____________ person; 6) The __________of technical advice, assistance or services rendered in connection with technical management or administration of any scientific, industrial or commercial undertaking, venture, project or scheme;

supply, non-resident, non-resident, supply

7) The _________ of motion picture films, films, tapes and discs; and 8) The _________ or the use of or the right to use radio, television, satellite transmissionand cable television time.

lease, lease

______________ refers to the total amount of money or its equivalent representing the contract price, compensation, service fee, rental or royalty, including the amount charged for materials supplied with the services and deposits applied as payments for services rendered and advance payments __________ or _______________ received during the taxable period for the services performed or to be performed for another person, ____________ VAT.

Gross Receipt, actually, constructively, excluding

______________ receipt occurs when the money consideration or its equivalent is placed at the control of the person who rendered the service __________ restrictions by the _________.

Constructive, without, payor

The following are examples of constructive receipts; a) __________ in banks which are made available to the ________ of services __________ restrictions. b) ___________ by the _________ of a notice to offset any debt or obligation and acceptance thereof by the __________ as payment for services rendered c) ____________ of the amounts retained by the _________ to the account of the ______________.

Deposits, seller, without, Issuance, debtor, seller, Transfer, payor, contractor

Topic 1

Mikyii · 67問 · 1年前

Topic 1