Chapter 9 true or false 1. Only only VAT registered taxpayers can claim input VAT 2. There is no input but VAT from purchases made from non VAT registered suppliers 3. The total consideration paid by purchasers to VAT taxpayers includes the selling price and the VAT 4, Registrable person can daim input VAT 5. Those who cannot claim input VAT can deduct those input VAT as part of their costs.or expense 6. Input VAT can be claimed as a tax credit or a deduction at the option of the taxpayer 7. The term creditable input VAT means input VAT deductible from output VAT 8. Exempt persons who issue VAT invoices can claim input VAT 2 . Input VAT is computed as 12/112 of the selling price of the seller 10.Input VAT may come from importation and domestic purchase 11.The purchase of exempt goods and services has no input VAT 12.|f the VAT is not separately billed, It shall be computed as 12/112 of the selling price i the sales document 13.|nput taxes on purchases for personal consumption are creditable against output VAT 14.Only input VAT for purchase of goods or services in the course of business is creditable15.Input VAT needs to be evidenced by a VAT invoice or official receipt to be creditable TRUE OR FALSE 2 1, The transitional input VAT is 2% of the vatable beginning inventory The input VAT on importation is creditable upon release of the goods from the customs custody n 2 The input VAT on domestic purchase of goods is deductible upon payment - The input VAT on purchases of services is claimable in the month The services are rendered not when paid y Persons transitioning to the VAT system shall submit an inventory of goods = The input VAT on the purchase of real properties may be paid in installment N The input VAT on depreciable capital goods or properties must be amortized over a period of 60 months 2 The input VAT on depreciable capital goods or properties with aggregate acquisition costs exceeding P1M must be Amortized over a period of 60 open your computer months 2 . The input VAT on non-depreciable vehicles is disallowed as tax credit 10.The presump| ut VAT is 4% of the agricultural and marine purchases | 11.Traders of sardines, mackerel, milk , and cooking oil can claim presumptive input VAT 12.The standard input VAT is 5% of sales to the government13.The standard input VAT is 7% of the purchases sold to the government 14.There is deductible expenses when the actual input VAT exceeds the standard input VA on government sales 15. There is a reduction in costs or expenses or an item of gross income when the standarn input VAT exceeds the actual input VAT on government sales 16.The excess of the input VAT over the output VAT is referred to as input VAT carry-over 17.\nput VAT carry-over is included as part of the creditable input VAT of the following month 18.The input VAT carry-over in quarter is deductible in the following quarter 19.The input VAT carry-over cannot be credited over a period of three years 20.The input VAT carry-over in a prior quarter can be carried over as input VAT in the first month of the following quarter 21.The input VAT carry-over in the second month of a quarter is creditable on the third month of that quarter MULTIPLE CHOICE- THEORY PART 1 1. Whichis creditable? A. input VAT incurred on personal purchases B. input VAT evidenced by an ordinary receipt C. input VAT on ue sales 2, Which is likely source of creditable input VAT? A. Purchases of goods from persons not engaged in business B. purchases of goods from nen VAT registered persons engaged in business D. none of these 3. Partial credit for input VAT is allowed onB. regular sales C. export sales D. exempt sales 4, Full input VAT credit is allowed on A. Regular sales B. export sales C. exempt sales 5. No input VAT credit is allowed on A. export sales B. government sales D. all of these 6. Which of the following input VAT can be claimed as tax refund? A. Input VAT traceable to exempt sales B. input VAT traceable to regular sales C. input VAT traceable to sales to the government | 7. The input VAT on purchases of non-VAT-registered taxpayers shall be claimable as Tax credit within two > S a C. deduction against output VAT D. any of these at the option of the tax payer 8. Who can claim the VAT on importation as tax credit ‘A. an importer of goods for personal consumption B. an importer of goods whois exempt from the VAT on importation D. any of these 9. The transitional input VAT is whichever is the A. Lower of 2% of beginning vatable inventory or the actual input VAT thereon C. lower of 2% of total beginning inventory or the actual input VAT thereon D. higher 2% of total beginning inventory or the actual input VAT thereon 10.Which is included in the basis of the transitional input VAT A. vatable goods and properties purchased from VAT suppliers vatable goods and properties purchased from non-VAT suppliers : D. AandB 14. Which is included in the VAT basis of the 2% transitional input VATA. inventory of processed foods B. inventory of fruit and vegetables C. Inventory of non-foods goods 12.Which of the following properties may be included in the basis of 2% transitional input WAT A. Building subject to periodic provision for depreciation B. land and other properties not subject to depreciation D. land or building classified as property held for use 13.Which of the following input VAT may be amortized A. input VAT on the sale of services B. input VAT on the purchases of goods on instalment C. input VAT on the purchase of non-depreciable property 14.The amortization of input VAT on certain properties is allowed when the aggregate acquisition costs A. Exceeds PIM B. do not exceed PIM C. exceeds P 1, 919,500 D. exceeds P10M 15.The input VAT on purchases of real properties may be claimed in instalment if B. the sale of the real property is qualified as a deferred payment sale C. the seller is a Realty dealer D. the seller is non Realty dealer MULTIPLE CHOICE- THEORY PART 2 1. The amortization period for depreciable capital goods or properties shall be A. whichever is longer between the actual useful life in months or 60 months C. 60 months if the useful life of the capital goods or properties does not exceed five years D. 60 months, without regard to the actual useful life in months 2. Statement 1; the input VAT on non-depreciable vehicles shall be claimed in the month purchase Statement 2: The input VAT on construction in progress shall be cleaned in the month billingis paidWhich is correct? A. Statement 1 C. both statements D. Neither statement . The withheld final VAT is A. 7% of the sales made to government C. 7% of the input VAT traceable to the government D. 5% of the purchases on sales made on the government . which of the following cannot claim presumptive input VAT A. processor of sardines C. manufacturer of pack noodle based instant meals D. processor of milk . the presumptive input VAT is A. 2% of primary agricultural input B. 2% of primary marine input C. 4% of primary agricultural or marine input Dd. . the standard input VAT is equivalent to B. 5% of the sales made to government C. 7% of the input VAT traceable to the government D. by percent of the purchases on sales made to the government . the withheld final percentage tax is A. 7% of the sales made to Sead C. 5% of the sales made to the government D. 3% of the purchases on sales made to the government . if the standard input VAT exceeds the actual input VAT traceable to the government sales, the excess is B. anitem of deduction against gross income in income tax C. claimable as a tax credit against other national taxes D. ignored since it has no further use . Statement 1: VAT-registered persons do not pay VAT on zero-rated sales Statement 2: VAFregistered persons always pay VAT on government salesWhich statement is correct? A. Statement 1 B. statement 2 D. neither statement 10. Statement 1: The excess of the output VAT over creditable input VAT is paid to the government Statement 2: the excess of creditable input VAT over output VAT is claimed as a tax credit or tax refund which is statement is incorrect? A. Statement 1 B. statement 2 C. both statements D. neither statement 11.the excess of creditable input VAT over output VAT is A. VAT payable i VAT refundable D. standard input VAT 42.which of the following input VAT carry-over is creditable against output VAT of the quarterly VAT return? ‘A. Those are rising from the first month of the quarter B. those are rising from the second month of the quarter D. all of these 13.which of the following is creditable against the input VAT of the quarterly VAT return? A. Input VAT from the first month of the quarter B. input VAT from the second month of the quarter C. input VAT from the third month of the quarter MULTIPLE CHOICE- PROBLEM PART 1. 1. Andrew a VAT-taxpayer imported a Golden neck lace as a gift to his girlfriend. The foreign seller billed a total price of P200,000. Andrew further paid P40,000 in other landed cost excluding VAT. Andrew can claim an input VAT of B. 24,000 C. 25,714D. 28,800 . a VAT-taxpayer purchase services from a non-VAT registered person in which he paid a total of P56,000 on the purchase. The claimable input VAT shall be B. 6000 Cc. 6720 D. 7200 .AVAT-taxpayer imported vatable goods from a non-resident persons who is not ‘engaged in trade or business. The goods which were intended to be resold in the Philippines had a landed cost of 150,000 what is the claimable input VAT AO B. 16,071 D. 19,758 . Anon-VAT Registered person purchased goods invoice at P112,000 from a VAT registered person. The claimable input VAT persons purchase shall be B. 12,000 C. 13,440 D. 15,000 . A VAT taxpayer incurred following during the month : ‘consultancy fees 700,000 salaries expense 400,000, supplies expense 300,000 purchases from vet suppliers were 250,000 supplies and 400,000 equipment . The ‘equipment is expected to last for 5 yearsPurchases of Services, inclusive of VAT (23,520x12/112)= 2,520 Total Input VAT 13,320 8. Mr. Alarcon is percentage taxpayer, He bought goods billed at an invoice price of P20,160 from a VAT registered taxpayer. Mr. Alarcon sold the goods in the same month at a price of P 42,000. How much input VAT is claimable by Mr. Alarcon ? B. 160 C. P2,160 D. P2,419 9. A taxpayer who become subject to VAT on third quarter of 2020 had the following input VAT: August 2020 32,000 September 2020 40,000 October 2020 18,000 What is the claimable input VAT for the third quarter of 2020? A. P82,000 B. P40,000 D. P90,000 10.Mr. Donetski, A VAT-taxpayer, purchased the following from VAT- taxpayer Vat exempt goods P20,000 Vatable Goods 40,000 Total Invoice Price 60,000 Compute the input VAT allowable to Mr. Donetski. A. PO B. P2,143 D. P4,800What is the creditable input VAT during the month ? A. 84,000 w is BS = 8 S ° i 5 iS 8 & . AVAT registered purchaser received a following billing from a VAT registered seller Selling Price P 200,000 Output VAT 20,000 Invoice Price P 220,000 What is creditable input VAT? A. PO B. P20,000 9 s q Ss ay 8 3 . AVAT taxpayer made the following purchases during the year : Purchases of goods, exclusive of VAT P 50,000 Purchases of goods, inclusive of VAT 44,800 Purchases of Services, exempt from VAT 10,000 Purchases of Services, inclusive of VAT 23,520, Total P 128, 320 What is Input VAT? A. PO B. P12,67711.Ms. Kibungan, a VAT taxpayer, made the following purchases(net of VAT) of vatable goods during the month: Purchase from non-VAT taxpayers P50,000 Purchases from VAT taxpayers ——_—-250,000. Total P300,000 What is the input VAT ? A. PO B. P6,000 . 30,000 250,000%12% D, P36,000 12. A VAT taxpayer received and paid the following billings for Vatable goods purchased : Purchase from non-VAT taxpayers P50,000 Purchase from VAT taxpayers —— 250,000 Total P 300,000 What is the claimable input VAT? A. PO B. P5,357 D, P32,143 ‘13.A VAT taxpayer had the following transaction a first calendar quarter of 2020 : A. Purchases of goods in January but were paid in February - P50,000 B. Purchase of Services rendered in January but was paid in February: P80,000 C. Importation of goods which arrived in the last week of February but was released upon payment of VAT on March- P250,000 Assume all accounts are inclusive of VAT. What is the creditable input VAT in the January 2020? A. PO C. P9,600 D. P15,600 14.What is the creditable input VAT in February 2020 B. P15,600 C. P39,600 D. P45,600 15.What is the creditable input VAT for the first quarter of 2020A. P6,000 B. P15,600 16. Mr and Mrs Sikorsky compiled the following input VAT during the month : MrSilorsky ___Mrs Sikorsky Input VAT on purchase of goods P10,000 P12,000 Input VAT on purchases of services 12,000 8,000 Mr. Sikorsky is a non VAT taxpayer while Mrs Sikorsky is a VAT taxpayer. What is the respective creditable input VAT of Mr. and Mrs Sikorsky D. P22,000 : P20,000 17.A VAT taxpayer had the following input VAT during the year : Input VAT on exempt sales P204,000 Input VAT on regular sales 174,000 Input VAT on export sales 150.000 Total Input VAT 528,000 ‘What is the total creditable input VAT ? A. PO C. P378,000 D. P528,000