WorksheetsVAT Zero Rated Sales
Total questions: 20
Worksheet time: 3mins
A vat registered person may issue a single invoice/receipt involving VAT and Non-VAT transaction such as zero-rated.
True
False
A vat registered person may issue separate invoices/receipts involving VAT and Non-VAT transaction such as Zero rated.
True
False
The following services performed in the Philippines by VAT registered person shall be subject to zero percent (0%) rate, except:
Services rendered to persons or entities whose exemption under special laws or international agreements to which the Philippines is a signatory effectively subjects the supply of such services to zero percent (0%) rate
Services performed by subcontractors and/or contractors in processing, converting, or manufacturing goods for an enterprise whose export sales exceeds seventy percent (70%) of total annual productio
Services by agricultural contract growers and milling for others of palay into rice, corn into grits, and sugar cane into raw sugar
Services rendered to persons engaged in international shipping & air transport
Repairs and maintenance to international carrier bound to Cebu is subject to?
Zero Rated
12% VAT
Shell Philippines sold jet fuel to Singapore airlines, is subject to?
Zero Rated
12% VAT
A packaging company sold a packaging material to export oriented company whose export sales exceed 60% total annual production is subject to Zero rated.
True
False
Sale of goods to resident foreign corporation engage in business in the Philippines is subject to?
Zero Rated
12% VAT
VAT exemption on importation & VAT Zero rating on local purchases, except?
Shall only apply to goods & services
Directly and exclusively used in registered project or activity or registered export enterprise
For maximum period of 18 years from the date of registration
Unless otherwise extended under SIPP
These are the transactions which are no longer subject to zero percent (0%, except:
Sale of gold to BSP
The sale and actual shipment of goods from the Philippines to a foreign country
Foreign-currency denominated sales
Transactions considered export sales under Executive Order No. 226
Those considered export sales under Executive Order No. 226 is Vatable?
True
False
Input tax related to zero rated sales, shall be available for tax credit and refund in accordance to Section 112 NIRC.
True
False
Previously taxed at zero percent (0%) VAT shall be subject to 12%
RR No. 15-2021
RR No. 21-2021
RR No. 9-2021
None of the above
Is prior approval from the BIR needed to be secured by the local suppliers of goods/services of registered export enterprises in order for their sales to be accorded VAT Zero-rating, as provided for under CREATE? (RMC 24-2022)
Yes
No
All are registrable activity in PEZA, except one?
Logistics and Warehousing Services
Facilities Providers
Consumer’s Cooperative
Ecozone Devt. and Operation
Excess input tax attributable to Zero rated sales can be:
Carry over to the next month or quarter until fully utilized
Apply for TCC within 2 years from the quarter sale
Apply for tax refund within 3 years from the quarter of sale
All of the above are correct
Any person claiming for VAT Zero rating in relation to export sales must present the following documents, except:
Sales invoice as proof of sale of goods
Bill of lading or airway bill as proof of actual shipment of goods from PH to foreign country
Sales invoices supporting export sales must be duly registered with BIR & must contain all the required information
All of the above are correct
A constructive remittance such as offsetting arrangement is automatically valid.
True
False
Admistrative services rendered to RBE is considered directly attributable or related.
True
False
Sales made by registered export enterprise to another registered export enterprise is subject to Zero rated sales.
True
False
IPA means Investment Promotion _________
Authority
Agency
Administration
Audit
