Value-Added Taxes Quiz

What does VAT stand for?

• Value Assessment Tax

• Value-Added Tax

• Voluntary Additional Tax

• Variable Assessment Tax

What is the output VAT rate mentioned in the text?

• 10%

• 12%

• 8%

• 15%

Which of the following is NOT a type of output VAT?

• None of the above

• Exempt Output VAT

• Zero Output VAT

• Regular Output VAT

What is the formula to compute VAT payable?

• Input VAT - Output VAT

• Output VAT + Input VAT

• Output VAT - Input VAT

• Output VAT / Input VAT

What is the term for the VAT due on the sale of taxable goods?

• Transaction Tax

• Sales Tax

• Output Tax

• Input Tax

What is the highest value considered for cash sales of real property?

• Zonal Value

• Fair Market Value

• All of the above

• Gross Selling Price

What is the treatment of input VAT on VAT-exempt sales?

• Creditable

• Refundable

• Deductible

• Non-deductible

What is the maximum amortization period for input tax on capital goods?

• 36 months

• 60 months

• 24 months

• 12 months

What is the presumptive input tax rate for certain agricultural products?

• 2%

• 4%

• 10%

• 5%

Which of the following is a requirement for creditable input VAT?

• Paid in cash

• Issued by a non-VAT registered person

• Evidenced by a VAT invoice

• Incurred in relation to exempt sales