MULTIPLE CHOICE I. Which is not subject to payment of advanced Input VAT? a. Milk b. Refined sugar C. Flour d. Timber 2.

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ned sugar C. Flour d. Timber 2. Which is a correct statement regarding the advanced input VAT? a. The advanced input VAT is synonymou
advanced input VAT is synonymous to the VAT on importation b. The advanced Input VAT is the final VAT due from the seller. c. The advan
T due from the seller. c. The advanced input vat is a down payment of the vat on the ultimate sale of refined sugar, flour or timber. d. The
ined sugar, flour or timber. d. The advanced input vat in lieu of the actual input vat traceable to the sales of refined sugar, flour or timber
s of refined sugar, flour or timber 3. Which of the following tax credit can be claimed through a tax credit certificate Answer: INPUT VAT O
it certificate Answer: INPUT VAT ON EXPORT SALES AND ADVANCED INPUT VAT 4. Which of the following is not subject to the requiremen
g is not subject to the requirement to pay advanced VAT a. Wheat traders b. Millers of flour c. Sugar refineries which process sugar for th
ineries which process sugar for their own accounts d. Owners of harvested timber 5. Which of the following can be claimed as VAT refund
wing can be claimed as VAT refund? a. Input VAT on export sales b. Advanced Input VAT c. Input VAT on sales to