QUIZ 2 – PART 1 POLA <3

Note: Di sure yung sagot kinopya ko palang HAHAHAHAHA pero yan mga tanong. (ata)
1. The output VAT on P15,000 VAT sales invoice amount is P1,650. FALSE
2. Zero – rated transactions are allowed with tax credit for Input VAT attributable to such sales or
receipts, while VAT – exempt transactions are not. FALSE
3. Input taxes are valued added taxes paid on local purchases of goods from VAT registered
taxpayer. TRUE
4. VAT taxable sales of VAT Person sold to non-VAT person is exempt from 12% Output VAT.
FALSE
5. Both Zero – rated and VAT – exempt transactions are not subject to 12% Output VAT. TRUE
6. Consignment of goods if actual sale is made within 60 days following the date such goods were
consigned is a transaction deemed sale. TRUE
7. All sales of VAT – registered person, domestic sales and export sales are subject to 12% Output
VAT. FALSE
8. Taxable base on services does not include advance payments. FALSE
9. Export sales by VAT – person is subject to 12% Output VAT. FALSE
10. Importations are subject to 12% VAT. TRUE
11. Gross receipts of domestic corporation carrier within the Philippines from transport of cargoes by
land are VAT taxable transactions. TRUE
12. Export sales of VAT registered person is exempt from VAT. TRUE
13. Distribution to shareholders of goods or properties as share in profits of a Vat registered company
is a transaction deemed sale. TRUE
14. The allowable transitional input tax is the higher between 2% of the value of the beginning
inventory or actual Vat paid on such inventory. TRUE
15. The value added tax due on the sale of taxable goods, property and services by any person
whether or not he has taken the necessary steps to be registered is called input tax. FALSE
16. Gross receipts of Domestic Corporation from transport of passengers and cargoes by air or sea
from Philippines to foreign country are Zero – rated transactions. TRUE
17. If the business is registered as non-VAT and its gross sales or receipts is P 3,000,000 and below
per year, it is exempted from business tax. FALSE
18. Manufacturer of canned goods is allowed a presumptive input value added tax. TRUE
19. The taxable base for supply of services is the gross receipts. TRUE
20. If the cost of goods acquired subject to depreciation / amortization exceeds P 1,000,000,
excluding VAT, the related Input VAT should be spread over 60 days or its useful life, whichever
is determinable. TRUE
21. If the business is registered as VAT business, its VAT taxable transaction is taxed at 12%
business tax. TRUE
22. The Output VAT is 12% of sales or gross receipts. TRUE
23. A non VAT registered person whose total sales for the year exceed P3,000,000 is subject to 12%.
TRUE
24. Sale of residential house and lot with a value of P 3,000,000 is subject to VAT. TRUE
25. Transfer of inventory in payment of debts may, subject to VAT. TRUE