Which of the following statements is correct? a. Export sale by a VAT registered person is subject to 0% VAT. b. Export sale by a non-VAT registered person is subject to 3% percentage tax. c. Both statements are correct d. Both statements are incorrect.
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Which of the following statements is correct?
a. Export sale by a VAT registered person is subject to 0% VAT.
b. Export sale by a non-VAT registered person is subject to 3% percentage tax.
c. Both statements are correct
d. Both statements are incorrect.
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- Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax, if applicable: Apol, non-vat taxpayer, sells to LJ, vat taxpayer P89,600LJ, vat taxpayer, sells to Chris, vat taxpayer P134,400Chris, vat taxpayer, sells to Abi P201,600Abi, nonvat taxpayer, exported the goods in Canada P300,000 Required: Determine the following:A Vat payable of ApolB Vat payable of LJC Vat payable of ChrisD Vat payable of AbiWhich of the following is correct? Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register as VAT taxpayers cannot register back as non-VAT because of the three-year lock-in period. A VAT taxpayer may also be subject to other percentage taxes and excise taxes provided a range of goods and services offered. The basis on imposing a consumption tax on the sale of services is the quarterly sales. Exportation made by business taxpayers normally subject to the general percentage tax is taxable for consumption taxes. All of the other choices is incorrect.Which of the following is true? a. Business taxpayers with annual sales or receipts higher than the VAT threshold who opted to register as VAT taxpayers cannot register back as non-VAT because of the three-year lock-in period. b. A VAT taxpayer may also be subject to other percentage taxes and excise taxes provided a range of goods and services offered. c. The basis on imposing a consumption tax on the sale of services is the quarterly sales. d. Exportation made by business taxpayers normally subject to the general percentage tax is taxable for consumption taxes. e. All of the other choices is incorrect.
- In the tax period, Red Co., who apply credit method, purchased goods and services for production product C, which is taxable and product D, which is an exempt item. Total VAT input written on added value invoices legible VND 50,000,000, in which for C is VND 20,000,000, for D is VND10,000,000. The company cannot separate the remain input tax for each item. Turnover of selling product C in the period is VND 400,000,000, product D is VND 100,000,000. The deductible input VAT amount is: * VND 50,000,000 VND 40,000,000 VND 36,000,000 VND 20,000,000Which of the following is false regarding consumption and business tax? a. Importations of goods are subject to value-added tax whether the imported goods are to be used in business or not. b. All business taxes are consumption taxes but not all consumption taxes are business taxes. c. Business taxpayers with annual receipts higher than the VAT threshold who registered as VAT taxpayers may switch to a non-VAT registration provided such actual receipts during the year proved to be lower than the threshold. d. A business taxpayer subject to other percentage taxes shall register as a VAT taxpayer if its total sales or receipts exceeds the VAT threshold. e. All of the other choices is correct.There is a sales tax of 24 on an item that costs 276 before tax. A second item costs $218.50 before tax. What is the sales tax on the second item?
- [First Item] The following statements are correct relative to a non-VAT registered taxpayer with a gross annual sale of not more than P3,000,000, except: a. The taxpayer is subject to 3% percentage tax. b. The taxpayer may opt to register under the excise tax system based on the value of goods sold at the appropriate tax rate. c. The taxpayer may opt to register under the 12% value -added tax system. d. The taxpayer, once registered under his/her preferred option, shall not be allowed to cancel his/her registration for the next three yearsHarris has the following data (VAT exclusive): Taxable sales are P 1,200,000Exempted sales are P 400,000Zero-rated sales are P 200,000Input tax (cannot be directly determined / attributable to any of the above sales) is P80,000.What is the VAT payable if the company chooses to claim the input tax from zero-rated sales as taxrefund?Which of the following is true? i. The general percentage tax is an explicit tax on consumption. ii. VAT and percentage tax are mutually exclusive. iii. In business taxes, the statutory taxpayer is normally the economic taxpayer. iv. The CREATE Law amended the VAT threshold to P3,000,000 from P1,919,500 (formerly P1,500,000). v. All of the other choices is incorrect.
- Which of the following is true? A. The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter. B. The taxable compensation income of mixed-income earners are reported in each quarterly return. C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate. D. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold. E. None of the other choices is true.A supplier imported goods and then sold them to a distributor for a value of 920,000 riyals inclusive of tax, then the distributor sold them to a store for a value of 1,035,000 riyals inclusive of tax, and the entire merchandise was sold to consumers for an amount of 1,150,000 riyals.Required :1- Calculating the value of the value-added tax that must be transferred to the General Authority of Zakat and Income and who will transfer it? (If you know that the tax rate is 15%)2- What is the amount of VAT transferred by the distributor to the direct authority?3- Write the journal entries in the distributor's accounts?What is the treatment of any input tax paid by a non-VAT (but subject to percentage tax) seller on his purchases related to his sale? Treated as input tax credit against his sales Treated as part of the cost of goods sold Treated as expense deductible from gross income Disregarded as he is non-VAT