WorksheetsVAT on Sale of Goods or Properties
Total questions: 12
Worksheet time: 7mins
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)
Under social media influencers, in absence of proof, all income of Resident Alien will not be assumed to have been derived from sources within the Philippines.
True
False
Mutual Agreement Procedure (MAP), this document is presented to the foreign country to prove that the taxpayer named therein is a resident of the Philippines and may, therefore, claim the benefits provided under the tax treaty.
True
False
