FA Value Added Tax (Tax 2)

Question 1

importation must be in the course of trade or business to be subject to VAT

Answer 1

false

Question 2

Isolated transaction by a NRA shall not be subject to VAT based on the rule of regularity

Answer 2

false

Question 3

Excise tax shall form part of the gross selling price subject to VAT

Answer 3

true

Question 4

Sale of raw materaisl/packaging materaisl to export-oriented enterprise whose report export sales exceed 70% of total annual production must be paid in acceptable foreign currency to be considered 0-rate VAT transaction

Answer 4

false

Question 5

payment for sale of services must be actually or constructively received to be subject to VAT

Answer 5

true

Question 6

SUBSEQUENT SALE to non-exempt persons of goods imported tax-free by persons exempt from tax shall be subject to VAT on part of the seller

Answer 6

false

Question 7

massage service of a spa granted for free to customers shall be subject to VAT as transaction deemed sale

Answer 7

false

Question 8

INVENTORY of goods existing at the time of the closure of a VAT-registered TP shall be subject to VAT even if not sold

Answer 8

true

Question 9

Transport of cargo by a domestic carrier from a foreign country to the Phil shall be subject to 0-rate VAT

Answer 9

false

Question 10

LEASE of a real property located outside of the Phil by a VAT-registered domestic corp paid in US dollars using credit card shall be subject to zero-ratedU VAT

Answer 10

True:

service rendered