In the Right of Redemption, the taxpayer may redeem the property for 3 year from the sale date. 

Input taxes on purchased of goods arising from zero-rated sales will form part of their cost of goods sold. 

Personal property is physically seized by the BIR and offered for sale at public auction. 

It is subject to a 5% final withholding VAT at source on sales 

It also includes VAT paid on the importation of goods or services by the taxpayer. 

It is the sale of goods or services to non-residents.

If the input VAT on zero-rated sales is not claimed through any of the two (2) alternatives, it is credited against output VAT at the end of the month.

If the annual gross receipt of radio and television broadcasting companies of the preceding year exceeds 10million, they can opt not to register to vat. 

The government seizes personal property, tangible or intangible, to enforce the payment of taxes.

These are exempt sales billed through a VAT invoice or VAT receipts, considered regular sales. 

Sale or importation of fertilizers, seeds, seedlings, fingerlings are transactions exempt from vat

It is a business tax levied on the value-added on certain goods, properties, and services in the domestic market and importer of goods. 

The amounts paid for messages transmitted by a public international organization or any of its agencies based in the Philippines enjoying privileges, exemptions, and immunities which the Government of the Philippines is committed to recognizing under an international agreement.

The amounts paid for messages transmitted by the Government of the Republic of the Philippines or any of its political subdivisions or instrumentalities.

The amounts paid for messages transmitted by any embassy and consular offices of a foreign government.

The amounts paid for messages from any newspaper, press association, radio or television, newspaper, broadcasting agency, or newsticker services to any other newspaper, press association, radio or tv newspaper broadcasting agency, or news ticker service or to a bona fide correspondent, which messages deal exclusively with the collection of news items for, or the dissemination of news item through, public press, radio or television broadcasting, or a news service similar to that of the public media.

They conducts an audit by issuing a Letter of Authority (LOA

The 4 Classification of Sales for VAT Purposes 

It is the distraint of bank accounts.

The input VAT is usually applied as a tax credit against the output VAT to compute the net VAT payable. 

A zero-rated sale of service is a taxable transaction for vat purposes but shall not result in any output tax.

File an appeal with the Court of Tax Appeals (CTA) Division within 30 days of receiving the denial letter.

File an appeal with the CTA Division within 30 days from the lapse of the 180 days or await the final decision of the CIR or his duly authorized representative and request such final decision to the CTA within 30 days after the receipt of a copy of such determination.

It is authorized by the Bangko Sentral ng Pilipinas (BSP) to perform quasi-banking activities.

It may either be a commercial bank, a thrift bank, a development bank, a rural bank, or a specialized government bank

It arises from export, zero-rated, and zero-rated sales.

This is computed as 12% of domestic sales.

It means air or sea carriers owned by foreign corporations that operate in the Philippines and transport passengers or cargoes from the Philippines to overseas and vice versa.

It refers to persons, corporations, firms, or associations engaged in carrying or transporting passengers or goods or both, by land, water, or air, for compensation, offering their services to the public, and shall include transportation contractors.

These are sales illegally charged with VAT by non-VAT taxpayers.

These sales are subject to VAT even with non-registration as VAT

taxpayers, but no input VAT credit is allowed

It is treated as a current asset of the taxpayer-seller because it is an advance payment of VAT.

The person in possession of the personal property is made to sign a receipt, undertaking that he will preserve the property and will not dispose of the property without the express authority of the Bureau of Internal Revenue (BIR). 

An entity is required to register under vat if the aggregate amount of actual gross sales or receipts exceed 3 million for the past 12 months

A zero-rated sale of service (by a VAT-registered person) is a taxable transaction for VAT purposes but shall not result in any input tax. 

It refers to interest imposed on the failure of the taxpayer to pay. 

It is imposed on any deficiency tax due, which interest shall be assessed and collected from the date prescribed for its payment

It pertain to sales other than exempt sales, sales to the government or GOCCs, and export sales. 

It shall mean an alternative form of obtaining funds from the public (the term "public" means borrowing from 20 or more individuals or corporate lenders at any one time)

It refers to the borrowing of funds from 20 or more personal or corporate lenders at any one time through the issuance, endorsement, or acceptance of debt instruments of any kind other than deposits for the borrower's account.