Chapter 2

Question 1

4 Importation of Exempt Goods

Answer 1

A. Basic Human food and Related Good
B. Farm an Fishery Input
C. Books, Newspaper, Magazine, review and Bulletin
D. Passenger or Cargo Vessell and Aircraft

Question 2

3 Importation by Vat Exempt Person

Answer 2

A. International Shipping or airport
B. Agriculture Cooperative
C. Ecozone Locator

Question 3

Exempt Importation

Answer 3

Exempt Goods
Exempt Person
Quasi- Importation
Importstion Exempt under Special Law

Question 4

Simple Processing
6 Act of preparation

Answer 4

a. boiling
b. broiling
c. husking
d. roasting
e. stripping
f. grinding

Question 5

4 Act of preservation

Answer 5

a. Freezing
b. drying
c. smoking
d. salting

Question 6

In quasi Importation, how many days the goods must accomoany by the person?

Answer 6

on arrival or within 90 days before or after arrival

Question 7

Vat on Importation
Tax basis =

Answer 7

12% of total landed cost

Question 8

Vat importation

Landed Cost =

Answer 8

Dutiable Value + Costum Duty + Excise Tax,if any + other inland cost

Question 9

Dutiable Value =

4

Answer 9

Cogs, Freight, insurance, other chargers to bring the goods

Question 10

Costum Duty =

Answer 10

Dutiable Value x exchange rate x duty rate (%)

Question 11

other in land cost?
6

Answer 11

Bank Charge
Brokerage Fee
Arrastre fee
Wharfage fee
Document Stamp tax
Import Processing fee

Question 12

Vat Exempt of import of servicr
3

Answer 12

1. Service rendered abroad
2. Individual purchaser not engaged to business
3. Purchaser is Vat exempt person

Question 13

Witholding Vat Bir form?

Answer 13

Bir Form 1600

Question 14

Witholding vat Due date?

Answer 14

10th day following month
if December - January 25