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VAT Quiz: True or False Questions

This document contains 24 multiple choice questions about value-added tax (VAT) in the Philippines. It tests understanding of key VAT concepts like taxable transactions, zero-rated sales, input tax credits, and VAT return filing dates. The questions cover topics such as what types of sales are subject to VAT, how output VAT is calculated, and rules around input VAT credits for exempt and zero-rated transactions.

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Renz Castro
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298 views1 page

VAT Quiz: True or False Questions

This document contains 24 multiple choice questions about value-added tax (VAT) in the Philippines. It tests understanding of key VAT concepts like taxable transactions, zero-rated sales, input tax credits, and VAT return filing dates. The questions cover topics such as what types of sales are subject to VAT, how output VAT is calculated, and rules around input VAT credits for exempt and zero-rated transactions.

Uploaded by

Renz Castro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

QUIZ 2 PART 1

1. Consignment of goods if actual sale is made within 60 days following the date such goods were consigned
is a transaction deemed sale. FALSE

2. The Output VAT is 12% of sales or gross receipts. TRUE

3. Export sales by VAT – person is subject to 12% Output VAT. FALSE

4. The value added tax due on the sale of taxable goods, property and services by any person whether or not he has taken
the necessary steps to be registered is called input tax. FALSE

5. Sale of residential house and lot with a value of P 3,000,000 is subject to VAT. FALSE

6. Gross receipts of Domestic Corporation from transport of passengers and cargoes by air or sea from Philippines to
foreign country are Zero – rated transactions. TRUE

7. Both Zero – rated and VAT – exempt transactions are not subject to 12% Output VAT. FALSE

8. Input taxes are valued added taxes paid on local purchases of goods from VAT registered taxpayer. TRUE

9. Distribution to shareholders of goods or properties as share in profits of a Vat registered company is a transaction
deemed sale. TRUE

10. Export sales of VAT registered person is exempt from VAT. TRUE

11. VAT taxable sales of VAT Person sold to non-VAT person is exempt from 12% Output VAT. FALSE

12. A non VAT registered person whose total sales for the year exceed P3,000,000 is subject to 12%. TRUE

13. Gross receipts of domestic corporation carrier within the Philippines from transport of cargoes by land are VAT taxable
transactions. FALSE

14. Transfer of inventory in payment of debts may, subject to VAT. FALSE

15. Imported goods which are subject to excise tax are no longer subject to VAT. TRUE

16. All sales of VAT – registered person, domestic sales and export sales are subject to 12% Output VAT. TRUE

17. Quarterly VAT return shall be field on or before the 20th day from the end of each month. FALSE

18. Monthly VAT declaration is filed on or before the 20th day from the end of each month. TRUE

19. The taxable base for supply of services is the gross receipts. TRUE

20. Taxable base on services does not include advance payments. FALSE

21. Manufacturer of canned goods is allowed a presumptive input value added tax. TRUE

22. The output VAT on P15,000 VAT sales invoice amount is P1,650. FALSE

23. If the cost of goods acquired subject to depreciation / amortization exceeds P 1,000,000, excluding VAT, the related
Input VAT should be spread over 60 days or its useful life, whichever is determinable. TRUE

24. Zero – rated transactions are allowed with tax credit for Input VAT attributable to such sales or receipts, while VAT –
exempt transactions are not. FALSE

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