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Business Tax > Classification of Transactions > Flashcards

Classification of Transactions Flashcards

1
Q

Sale of agricultural food products in their original state.

A

VAT Exempt

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2
Q

Sale of Marine food products in their original state.

A

VAT Exempt

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3
Q

Sale of livestock used for human consumption

A

VAT Exempt

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4
Q

Sale of livestock for breeding stock and genetic materials therefor

A

VAT Exempt

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5
Q

Sale of poultry used for human consumption

A

VAT Exempt

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6
Q

Sale of poultry for breeding stocks and genetic materials therefor.

A

VAT Exempt

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7
Q

Importation of Marine food products in their original state.

A

VAT Exempt

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8
Q

Importation of agricultural food products in their original state

A

Vat exempt

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9
Q

Importation of livestock and poultry used for human consumption

A

Vat exempt

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10
Q

Importation of livestock and poultry used for breeding stock and genetic materials therefor.

A

Vat exempt

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11
Q

What should be considered in their “original state”? (7)

A

Freezing, drying, salting, broiling, roasting, chowking, stripping

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12
Q

Advanced technological means of packaging

A

Shrink wrapping in plastics, vacuum packing, tetra pack, and other similar packaging methods

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13
Q

Sale of polished or husked rice

A

Vat exempt

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14
Q

Importation of polished or husked rice

A

Vat exempt

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15
Q

Sale of corn grits

A

Vat exempt

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16
Q

Importation of corn grits

A

Vat exempt

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17
Q

Sale of raw cane sugar

A

Vat exempt

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18
Q

Sale of molasses

A

Vat exempt

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19
Q

Importation of raw cane sugar

A

Vat exempt

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20
Q

Importation of molasses

A

Vat exempt

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21
Q

Sale of copra

A

Vat exempt

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22
Q

Importation of copra

A

Vat exempt

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23
Q

Sale of fish

A

Vat exempt

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24
Q

Importation of a fish

A

Vat exempt

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25
Q

Sale of lobster

A

Vat exempt

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26
Q

Sale of a shrimp

A

Vat exempt

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27
Q

Sale of prawns

A

Vat exempt

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28
Q

Sale of oysters

A

Vat exempt

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29
Q

Sale of mussels

A

Vat exempt

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30
Q

Sale of clams

A

Vat exempt

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31
Q

Sale of trout

A

Vat exempt

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32
Q

Sale of eels

A

Vat exempt

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33
Q

Importation of lobster

A

Vat exempt

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34
Q

Importation of shrimps

A

Vat exempt

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35
Q

Importation of prawns

A

Vat exempt

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36
Q

Importation of oysters

A

Vat exempt

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37
Q

Importation of mussels

A

Vat exempt

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38
Q

Importation of clams

A

Vat exempt

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39
Q

Importation of eels

A

Vat exempt

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40
Q

Importation of trout

A

Vat exempt

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41
Q

Sale or importation of cows

A

Vat exempt

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42
Q

Sale or importation of bulls

A

Vat exempt

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43
Q

Sale or importation of calves

A

Vat exempt

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44
Q

Sale or importation of pigs

A

Vat exempt

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45
Q

Sale or importation of sheep

A

Vat exempt

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46
Q

Sale or importation of goat

A

Vat exempt

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47
Q

Sale or importation of a rabbit

A

Vat exempt

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48
Q

Sale or importation of fowls

A

Vat exempt

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49
Q

Sale or importation of ducks

A

Vat exempt

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50
Q

Sale or importation of geese

A

Vat exempt

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51
Q

Sale or importation of turkey

A

Vat exempt

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52
Q

Sale or importation of a fighting cocks

A

12% vat

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53
Q

Sale or importation of race horses

A

12% vat

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54
Q

Sale or importation of animals generally considered as pets

A

12% vat

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55
Q

Sale of refined sugar

A

12% vat

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56
Q

Same of marinated fish

A

12% vat

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57
Q

Sale of bonsai

A

12% vat

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58
Q

Sale of a wood

A

12% vat

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59
Q

Sale of barbecue

A

Vat exempt

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60
Q

Sale of canned pineapple chunks

A

12% vat

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61
Q

Sale of flowers

A

12% vat

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62
Q

Sale of muscovado

A

Vat exempt

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63
Q

Sale or importation of a fertilizers

A

Vat exempt

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64
Q

Sale or importation of seeds and seedlings

A

Vat exempt

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65
Q

Sale or importation of fingerlings

A

Vat exempt

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66
Q

Sale or importation of livestock and poultry feeds

A

Vat exempt

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67
Q

Sale or importation of ingredients whether locally produced or imported used in the manufacture of finished feeds

A

Vat exempt

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68
Q

Sale or importation of specialty feeds

A

12% vat

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69
Q

Sale or importation of ingredient used to manufacture special feeds

A

12% vat

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70
Q

Same or importation of whey powder

A

Vat exempt

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71
Q

Sale or importation of skimmed milk powder

A

Vat exempt

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72
Q

Sale or importation of lactose

A

Vat exempt

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73
Q

Sale or importation of buttermilk powder

A

Vat exempt

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74
Q

Importation of personal and household effects belonging to residents of the philippines returning from abroad

A

Vat exempt

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75
Q

Importation of personal and household effects belonging to non-resident coming to resettle in the philippines

A

Vat exempt provided that such school are exempt from custom duties under tariff and customs code of the philippines

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76
Q

Importation of professional instruments and implements belonging to persons coming to settle in the philippines or overseas filipino for their own use and not for barter or sale

A

Vat exempt

77
Q

Importation of vehicles vessels aircraft and machineries and other similar goods for used in manufacture

A

Subject to vat

78
Q

Services by agricultural contract growers

A

Vat exempt

79
Q

Services by millers of palay into rice for others

A

Vat exempt

80
Q

Services by millers for others of corn into grits

A

Vat exempt

81
Q

Services by millers for others of sugarcane into raw sugar

A

Vat exempt

82
Q

Medical dental hospital and veterinary services except those rendered by professionals

A

Vat exempt

83
Q

Laboratory services

A

Vat exempt

84
Q

Sale of drugs and medicine

A

12% vat

85
Q

Hospital bill

A

Vat exempt

86
Q

Sales of the drug store to the out-patients

A

12% vat

87
Q

Services of cpa with annual gross professional fees greater than 3 million

A

12% vat

88
Q

Services of professional medical practitioners with annual gross professional fees greater than 3 million

A

12% Vat

89
Q

Services of Insurance Agents with annual gross professional fees greater than 3 million

A

12% Vat

90
Q

Services of professional practitioners with annual gross professional fees greater than 3 million

A

12% VAT

91
Q

Services of professional practitioners with annual gross professional fees less than 3 million

A

1% - July 1, 2020 to June 30, 2023
3% - July 1, 2023 onwards

92
Q

Services of professional practitioners with annual gross professional fees of 3 million

A

1% - July 1, 2020 to June 30, 2023
3% - July 1, 2023 onwards

93
Q

Educational services rendered by private educational institutions duly accredited by deped, ched, tesda, and those rendered by government educational institutions

A

Vat exempt

94
Q

Gross receipts by a review school offering cpa review course

A

12% vat

95
Q

Gross receipts by a tutorial school offering review courses for college entrance examination

A

12% vat

96
Q

Services rendered by individuals under an employer-employee relationship

A

Vat exempt

97
Q

Services rendered by regional or area headquarters established in the philippines by multinational corporations which act as a supervisory communications and coordinating centers for their affiliates subsidiaries or branches in the asia-pacific region and do not earn or derive income from the philippines

A

Vat exempt

98
Q

Transactions exempt under international agreements to which the philippines is a signatory or under special laws

A

Vat exempt

99
Q

Sale of agricultural cooperatives own produced (processed) to members

A

Vat exempt

100
Q

Sale of agricultural cooperatives own produced (processed) to non-members

A

VAT EXEMPT

101
Q

Sale of agricultural cooperatives own produced (original state) to members

A

Vat exempt

102
Q

Sale of agricultural cooperatives own produced (original state) to non-members

A

Vat exempt

103
Q

Sale by agricultural cooperatives other than their own produce to members

A

Vat exempt

104
Q

Sale by agricultural cooperatives other than their own produce to non-members

A

12% Vat

105
Q

Gross receipt by credit cooperatives from lending activities

A

Vat exempt

106
Q

Gross receipt by credit cooperatives from non-lending activities

A

12% VAT

107
Q

Gross receipt by multi-purpose cooperatives from lending activities

A

Vat exempt

108
Q

Gross receipt by multi-purpose cooperatives from non-lending activities

A

12% VAT

109
Q

Gross receipts or sales by electric cooperatives

A

12% vat

110
Q

Non agricultural non-electric and non lending or credit cooperative with a contribution per member less than or equal to 15,000

A

Vat exempt

111
Q

Non agricultural non-electric and non lending or credit cooperative with a contribution per member greater than 15,000

A

12% vat

112
Q

Export sales by persons who are not vat registered

A

Vat exempt

113
Q

Export sales by vat registered person

A

0% VAT

114
Q

Sale of goods supplies equipment and fuel to persons engage in international shipping or international air transport operations

A

0% VAT

115
Q

Sales to export-oriented enterprises

A

12% VAT

116
Q

Processing manufacturing or repacking goods for other person’s doing business outside the philippines which goods are subsequently exported where the services are paid for in acceptable foreign currency and accounted for in accordance with the rules and regulations of the bsp

A

12% vat

117
Q

Services other than those mentioned in the preceding paragraph rendered to a person engage in business conducted outside the philippines or to a non-resident person not engaged in business who is outside the philippines when the services are performed the consideration for which is paid for in acceptable foreign currency and accounted for in accordance with the rules and regulations of the bsp

A

0% VAT

118
Q

Services rendered to persons or entities whose exemption under special laws or international agreements to which the philippines is a signatory effectively subject the supply of such services to

A

0% Vat

119
Q

Sale of power or fuel generated through renewable sources of energy such as but not limited to biomass solar-wind hydropower geothermal ocean energy and other emerging energy sources using technologies such as a fuel cells and hydrogen fuels.

A

0% vat

120
Q

Services performed by subcontractors and or contractors processing converting or manufacturing goods for an enterprise use export sales exceed 70% of the total annual production

A

12% vat

121
Q

Sale of real properties are not primarily held for sale to customers in the ordinary course of trade or business

A

Vat exempt

122
Q

Sale of real properties used in the trade or business of the seller

A

12% vat

123
Q

Sale of real properties held primarily for sale to customers in the ordinary course of trade or business

A

12% VAT

124
Q

Sale of real properties held for lease in the ordinary course of trade or business

A

12% VAT

125
Q

Sale of real property not primarily held for use in the ordinary course of trade or business

A

Vat exempt

126
Q

Sale of real property utilized for socialized housing

A

Vat exempt

127
Q

Sale of parking lot in the sale of condominium unit

A

12% vat regardless of the amount of selling price

128
Q

Sale of house and lot with selling price of less than or equal to 3,199,200

A

VAT EXEMPT

129
Q

Sale of house and lot with selling price more than 3,199,200

A

12% VAT

130
Q

Sale of residential dwelling with selling price more than 3,199,200

A

12% VAT

131
Q

Sale of residential dwelling with selling price less than 3,199,200

A

VAT EXEMPT

132
Q

Sale of residential lot

A

12% vat

133
Q

Sale of commercial lot or unit

A

12% vat

134
Q

Lease of residential unit with a monthly rental less than or equal to 15,000

A

Vat exempt

135
Q

Lease of residential unit with a monthly rental greater than 15,000 with annual receipt less than equal to 3 million

A

1% OPT - from july 1 2021 to june 30 2023
3% OPT - beginning july 1 2023

136
Q

Lease residential unit with monthly rental greater than 15,000 and annual visit of greater than 3 million

A

12% vat

137
Q

Lease of commercial units wherein the lessor is non vat registered and annual gross receipt is less than or equal to 3 million

A

1% OPT - from july 1 2021 to june 30 2023
3% OPT - beginning july 1 2023

138
Q

Lease of commercial unit with annual cost receives greater than 3 million

A

12% vat

139
Q

Lease of commercial units by Vat reg persons

A

12% VAT

140
Q

Residential unit refers to

A

Apartment, houses, and lot used for residential purposes

Dormitories room bed spaces

141
Q

Sale of a book and any newspaper, magazine, journal, review bulletin, or any such educational reading material covered by unesco

A

Vat exempt

142
Q

Importation of book and any newspaper, magazine, journal, review bulletin, or any such educational reading material covered by unesco

A

Vat exempt

143
Q

Printing of book and any newspaper, magazine, journal, review bulletin, or any such educational reading material covered by unesco

A

Vat exempt

144
Q

publication of a book and any newspaper, magazine, journal, review bulletin, or any such educational reading material covered by unesco

A

Vat exempt

145
Q

Ebooks e journals electronic copies online library sources cds and software or any electronic format or version of book, newspaper, magazine, review and bulletin

A

12% of vat

146
Q

Printing of brochures

A

12% vat

147
Q

Bookbinding engraving stereotyping electro typing lithographing of various reference books and read books

A

12% VAT

148
Q

Transport of passengers originating in the philippines by international carriers or resident foreign corporations

A

Vat exempt

149
Q

Transport of cargo or goods by international carriers or resident foreign corporations originating in the philippines

A

3% common carriers tax

150
Q

Transport of passengers by LAND of domestic common carriers within the philippines

A

3% common carriers tax

151
Q

Transport of passengers by LAND of domestic common carriers from philippines to abroad

A

0% vat

152
Q

Transport of passengers by air or sea of domestic common carriers from philippines to abroad

A

0% vat

153
Q

Transport of cargo or goods by domestic common carriers from philippines to abroad

A

0% vat

154
Q

Sale of passenger or cargo vessels and aircraft including engine equipment and spare parts thereof for domestic or international transport operation provided that they complied with the requirements of marina

A

Vat exempt

155
Q

importation of passenger or cargo vessels and aircraft including engine equipment and spare parts thereof for domestic or international transport operation provided that they complied with the requirements of marina

A

Vat exempt

156
Q

LEASE of passenger or cargo vessels and aircraft including engine equipment and spare parts thereof for domestic or international transport operation provided that they complied with the requirements of marina

A

Vat exempt

157
Q

Importation of fuel goods and supplies by persons engaged in international shipping or air transport operations

A

Vat ex

158
Q

Association dues membership fees and other assessments and charges collected on a purely reimbursement basis by homeowners associations and condominium corporation

A

Vat exempt

159
Q

Sale of gold to bsp

A

Vat exempt

160
Q

Save or importation of drugs and medicines for diabetes

A

Vat exempt

161
Q

Sale or importation of drugs and medicines prescribed for high cholesterol

A

Vat exempt

162
Q

Sale or importation of prescribed drugs and medicine for hypertension

A

Vat exempt beginning january 1 2020

163
Q

Save or importation of prescription drugs and medicine for cancer

A

A vat exempt beginning january 1 2021

164
Q

Sale or importation of drugs and medicine prescribed for mental illnesses

A

Vat exempt beginning january 1 2021

165
Q

Sale or importation of drugs and medicine prescribed for tuberculosis

A

Vat exempt beginning january 1 2021

166
Q

Sale or importation of drugs and medicines prescribed for kidney diseases

A

Vat exempt beginning january 1 2021

167
Q

Transfer, use, or consumption not in the ordinary course of business of goods or properties ordinarily intended for sale or used in the course of business

A

12% vat on fair market value of the goods consumed

168
Q

Distribution or transfer to shareholders or investors as a share in the profits of a vat registered person

A

12% vat based on the market value

169
Q

Consignment of good if actual sale is not made within 60 days

A

12% vat

170
Q

Consigned goods returned within the 60-day period

A

Not subject to vat

171
Q

All goods on hand as of the date of retirement from or cessation of status as a vat registered person

A

12% of vat based on the acquisition cost or market value whichever is lower

172
Q

Goods on hand when there is a change of control of a corporation

A

Not subject to vat

173
Q

All good on hand when there is change in the trade or corporate name of the taxpayer

A

Not subject to vat

174
Q

All goods on hand when there is merger or consolidation of corporations

A

Not subject to vat

175
Q

Sale by dealer in securities

A

12% vat based on the gross income

176
Q

Sale of real properties

A

12% vat base on the selling price and fair market value and zonal value whichever is higher

177
Q

Purchase of services

A

12% input vat

178
Q

Local purchase of goods for sale

A

12% input vat

179
Q

Local purchase of goods for conversion into finished product

A

12% input vat

180
Q

Local purchase of goods for use as a supplies

A

12% input vat

181
Q

Local purchase of goods for use as materials supplied in the sale of services

A

12% input vat

182
Q

Local purchase of goods for use in trade or business for which the profession or amortisation is allowed

A

12% input vat

183
Q

Persons rpms engage in the processing of sardines mackerel and milk should be allowed a presumptive input tax

A

4% input tax based on the gross value in money of their purchases

184
Q

Persons are firms engaged in manufacturing define sugar cooking oil and packed noodle-based instant meals

A

4% presumptive input tax

185
Q

Advance payment by lessee applied to rentals

A

12% vat

186
Q

Operators of cars for rent

A

3% common carriers tax

187
Q

Operators of cars for hire driven by the lessee

A

3% common carriers tax

188
Q

Operators of transportation contractors

A

3% common carriers tax

189
Q

Keepers of garages

A

3% common carriers tax

Business Tax (1 decks)

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