WorksheetsVAT
Total questions: 30
Worksheet time: 10mins
The following are the persons statutorily liable to VAT, except:
seller of goods
seller of service
lessee of properties
importer
Non-stock, non profit entities are considered to be engaged in trade or business even if their transactions are exempted from income tax
True
False
The term goods or properties include/s
Tangible properties only
Intangible properties only
Both tangible and intangible properties
How many from below are seller of services:
- Jollibee
- Dairy Queen
- Macao Imperial Tea
- University or College
1
2
3
4
VAT as an indirect tax means
Shifting of the payment of the VAT to the buyer
Shifting of the burden of payment of the VAT to the buyer
1st - Output tax is the VAT on purchase.
2nd - Input tax is the VAT on sale
1st is True
2nd is True
Both are True
Both are False
If a taxpayer reached gross sales or receipts in the amount of Php 3 Million, he is MANDATORILY required to register as VAT
True
False
If a person is mandatorily required to register as VAT, he cannot change his registration for the next three years.
True
False
Effect of failure to register as VAT when required:
Liable to pay output tax but with transitional input tax
Liable to pay output tax without input tax
Liable to pay output tax and criminally liable
Liable to pay output tax only but with penalties
The following discounts are deductible from gross income, EXCEPT:
Senior citizen discount
PWD discount
National athlete discount
Trade discount
1st - Sale to senior citizen is VAT exempt
2nd - Sale to PWD is VAT exempt
3rd - Sale to National Athlete is VAT exempt
All are true
All are false
Only one is false
Only one is true
Threshold for special discount on prime commodities to senior citizens
P 1,000 per week
P 1,300 per week
P 1,500 per week
P 2,000 per week
Donation of personal computers, laptops, tablets to PRIVATE SCHOOLS is
Subject to 12% VAT
Subject to 0% VAT
VAT exempt
Consigned goods were returned to the consignor on the 61st day because the 61st day fell on a weekend.
No effect on VAT
Subject to 12% VAT due to deemed sale
VAT exempt
Subject to 0%
What is the treatment of input tax paid which is attributable to government sale?
Cost or expense
Deduction from input tax
Both cost or expense and deduction from input tax
Due to pandemic, Nicanor learned to bake. A relative from abroad bought cakes and pastries from Nicanor. The export of cakes and pastries is
Subject to 0% rate
Subject to 12% rate
VAT-exempt
It depends on the status and registration of Nicanor
Sale of gold is
VAT exempt
Subject to 12%
Subject to 0%
Sale of goldfish is
Subject to 12% VAT
Subject to 0% VAT
VAT exempt
Nicanor is a Filipino residing in the United States. He married Taylor, an American. Taylor decided to settle in the Philippines. Taylors professional implements and wearing apparels brought to the Philippines is
Subject to 12% VAT
Subject to 0% VAT
VAT Exempt
Nicanor, VAT registered taxpayer, leases a small commercial space for a monthly rate of Php 10,000 only. The transaction is
Subject to 12% VAT
Subject to 0% VAT
VAT-exempt
Nicanor, an Overseas Filipino Worker, works in Saudi Arabia. He booked his flight to Saudi through Saudi Airlines, an international carrier
Subject to 12% VAT
Subject to 0% VAT
VAT Exempt
Nicanor, who is sickly, bought the following medicines
for diabetes for high cholesterol for hypertension for tuberculosis
Which is subject to VAT?
for diabetes
for high cholesterol
for hypertension
for tuberculosis
All are VAT exempt
Maximum period to amortize deferred input tax from purchase of capital goods exceeding Php1M
50 months
60 months
120 months
30 months
Under TRAIN law, input tax attributable to 0-rated sale can be
refunded
applied for TCC
Any of the two
Period to file administrative claim for refund
1 year
2 years
3 years
6 months
BIR Program of closing business of non-compliant taxpayers
Oplan Baklas
Oplan Tokhang
Oplan Kandado
Oplan Huli Pero Di Kulong
Oplan Double Barrel
Deadline of filing of 1st Quarterly VAT return (calendar year)
March 25
April 20
April 25
March 20
Filing of VAT return by a taxpayer with several branches is
Consolidated
Separate per branch
Refund of input taxes should be granted by the BIR within
60 days
90 days
120 days
2 years
In sale of real property under the installment plan, the percentage of determining whether the sale is in installment basis or cash/deferred basis is
12%
20%
25%
30%
