Input

Question 1

TorF Input tax on importation is imposed regardless of whether such importation is for personal or business use

Answer 1

T

Question 2

Persons who can avail presumptive input tax

Answer 2

Refined sugar, cooking oil, packed noodles, sardines, mackerel

Question 3

Transitional Input Tax percentage

Answer 3

2% of beginning inventory or actual VAT paid on such goods, whichever is higher

Question 4

Standard Input Tax

Answer 4

Deduction and Creditable Withholding of a final VAT due at the rate of 5% of gross payment

Question 5

T/F There’s a VAT PAYABLE on Sales to government

Answer 5

F

Question 6

Presumptive input tax rate

Answer 6

4%

Question 7

The input vat on goods subjected to 0% vat may be:

Answer 7

Refunded
Claimed as a deduction or tax credit against output vat
Tax credit against any internal revenue taxes

Question 8

Is a non-vat registered entity allowed any tax credit of vat on purchases related to such exempt transaction?

Answer 8

No.