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BUSINESS TAX..docx - PROBLEM SET … /

BUSINESS TAX..docx - PROBLEM SET 쇱

Problem 1: VAT>Exempt...

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PROBLEM SET

Problem 1: VAT-Exempt Transactions

Determine which transaction(s) is(are) exempt from VAT.
1. Sale of copra VATABLE

2. Sale of bonsai VAT-EXEMPT

3. Sale of wood VAT-EXEMPT

4. Sale of barbecue VATABLE

5. Sale of tilapia VATABLE

6. Sale of roasted chicken VATABLE
7. Sale of canned pineapple chunks VAT-EXEMPT

8. Sale of smoked fish VATABLE

9. Sale of salted eggs VATABLE

10. Sale of raw sugar cane VATABLE

11. Sale of flowers VAT-EXEMPT

12. Sale of muscovado VATABLE

13. Sale of refined VAT-EXEMPT

Problem 2: VAT-Exempt Transactions

Determine which transaction(s) is(are) exempt from VAT.
1. Sale or importation of poultry feeds VAT-EXEMPT

2. Sale of feeds for pets VATABLE

3. Purchase of ingredients for the formulation of poultry feeds VAT-EXEMPT

4. Importation of ingredients for the formulation of feeds for zoo animals VATABLE

5. Importations of ingredients for the formulation of poultry feeds VAT-EXEMPT

6. Importation of fertilizers. VAT-EXEMPT

7. Purchase of product tags used for poultry feeds. VAT-EXEMPT

Problem 3: VAT-Exempt Transactions

RSC returned from Magnolia (overseas) to visit his cousin Natsu and friend Lucy. He brought
with him several personal effects which he bought from the places they traveled into.
Are the personal effects subject to 12% VAT?

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Problem 4: VAT-Exempt Transactions

Determine which transactions are exempt from VAT.

1. Gross Receipts of transportation contractors engaged in the transport of passengers by

land.

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2. Gross Receipts of transportation contractors engaged in the transport of goods and/or

cargoes by land.

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3. Gross Receipts of carriers engaged in the transport of passengers by air/sea.

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4. Gross receipts of domestic carriers engaged in the transport of goods and/or cargoes by
air/sea.

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5. Gross receipts of international carriers doing business in the Philippines.

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6. Gross receipts from international flights of domestic carriers.

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7. Gross receipts of banks and non-bank entities doing business in the Philippines.

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8. Gross Receipts of radio and/or television broadcasting companies with annual gross
receipts from the preceding year exceeding P10,000,000.

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9. Gross receipts of radio and/or television broadcasting companies whose annual gross
receipts of the preceding year does not exceed P10,000,000.

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10. Gross Receipts of operators of cabarets, night and day clubs.

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Problem 5: VAT-Exempt Transactions

1. After a heated fight between Chelsea and Jessa, both illegal wives, Chelsea suffered
physical injuries requiring one-month hospitalization. The following were incurred by
Chelsea:

Hospital Bills exclusive of Doctor’s Fees and medicines. P1,000,000

Laboratory expenses exclusive of medicines. 500,000

Medicines purchased from the Hospital’s Pharmacy. 100,000

Medicines purchased from a Pharmacy outside the Hospital. 100,000

Doctor’s Fees. 100,000

How much is the VAT for the foregoing expenditures?

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