VAT on Sale of Goods or Properties

The following items may pertain to VAT, except:

• Sales tax

• Indirect Tax

• Tax on Income

• Consumption Tax

A TP whose gross sales or receipts for the past twelve (12) months, other than those that are exempt under Section 109 (A) to (U), have exceeded Three Million Pesos (P3,000,000.00) is liable to pay VAT.

• True

• False

"Goods or Properties" means all tangible objects which are capable of pecuniary estimation only.

• True

• False

Which of the items below compose of the "Gross Selling Price"?

• Total amount of money or its equivalent which the purchaser pays or is obligated to pay to the seller in consideration of the sale, barter or exchange of the goods or properties

• Value-Added Tax

• Excise Tax

A: A zero-rated sale of goods or properties is not a taxable transaction for VAT purposes.

B: Input tax related to zero-rated sale shall be available as tax credit or refund.

• True, True

• False, True

• True, False

• False, False

The following sales made by agricultural cooperatives are exempt from VAT, except:

• Sale of its own produce to members

• Sale of its own produce to non-members

• Sale of goods other than its produce to its members

• None of the above

Consignment of goods if actual sale is not made within sixty (60) days following the date such goods were consigned is considered a Transaction Deemed Sale.

• True

• False

The value of goods or properties sold and subsequently returned or for which allowances were granted by a VAT-registered person may not be deducted from the gross sales or receipts for the quarter in which a refund is made or a credit memorandum or refund is issued

• True

• False

According to RMC 136-2020, how many days were excluded for in the prescriptive period during 2020?

(a)  

How many days are added to the suspension of the Statute of Limitations after the lifting of ECQ/MECQ status?

(a)