Classification of Transactions Flashcards
(189 cards)
1
Q
Sale of agricultural food products in their original state.
A
VAT Exempt
2
Q
Sale of Marine food products in their original state.
A
VAT Exempt
3
Q
Sale of livestock used for human consumption
A
VAT Exempt
4
Q
Sale of livestock for breeding stock and genetic materials therefor
A
VAT Exempt
5
Q
Sale of poultry used for human consumption
A
VAT Exempt
6
Q
Sale of poultry for breeding stocks and genetic materials therefor.
A
VAT Exempt
7
Q
Importation of Marine food products in their original state.
A
VAT Exempt
8
Q
Importation of agricultural food products in their original state
A
Vat exempt
9
Q
Importation of livestock and poultry used for human consumption
A
Vat exempt
10
Q
Importation of livestock and poultry used for breeding stock and genetic materials therefor.
A
Vat exempt
11
Q
What should be considered in their “original state”? (7)
A
Freezing, drying, salting, broiling, roasting, chowking, stripping
12
Q
Advanced technological means of packaging
A
Shrink wrapping in plastics, vacuum packing, tetra pack, and other similar packaging methods
13
Q
Sale of polished or husked rice
A
Vat exempt
14
Q
Importation of polished or husked rice
A
Vat exempt
15
Q
Sale of corn grits
A
Vat exempt
16
Q
Importation of corn grits
A
Vat exempt
17
Q
Sale of raw cane sugar
A
Vat exempt
18
Q
Sale of molasses
A
Vat exempt
19
Q
Importation of raw cane sugar
A
Vat exempt
20
Q
Importation of molasses
A
Vat exempt
21
Q
Sale of copra
A
Vat exempt
22
Q
Importation of copra
A
Vat exempt
23
Q
Sale of fish
A
Vat exempt
24
Q
Importation of a fish
A
Vat exempt
25
Sale of lobster
Vat exempt
26
Sale of a shrimp
Vat exempt
27
Sale of prawns
Vat exempt
28
Sale of oysters
Vat exempt
29
Sale of mussels
Vat exempt
30
Sale of clams
Vat exempt
31
Sale of trout
Vat exempt
32
Sale of eels
Vat exempt
33
Importation of lobster
Vat exempt
34
Importation of shrimps
Vat exempt
35
Importation of prawns
Vat exempt
36
Importation of oysters
Vat exempt
37
Importation of mussels
Vat exempt
38
Importation of clams
Vat exempt
39
Importation of eels
Vat exempt
40
Importation of trout
Vat exempt
41
Sale or importation of cows
Vat exempt
42
Sale or importation of bulls
Vat exempt
43
Sale or importation of calves
Vat exempt
44
Sale or importation of pigs
Vat exempt
45
Sale or importation of sheep
Vat exempt
46
Sale or importation of goat
Vat exempt
47
Sale or importation of a rabbit
Vat exempt
48
Sale or importation of fowls
Vat exempt
49
Sale or importation of ducks
Vat exempt
50
Sale or importation of geese
Vat exempt
51
Sale or importation of turkey
Vat exempt
52
Sale or importation of a fighting cocks
12% vat
53
Sale or importation of race horses
12% vat
54
Sale or importation of animals generally considered as pets
12% vat
55
Sale of refined sugar
12% vat
56
Same of marinated fish
12% vat
57
Sale of bonsai
12% vat
58
Sale of a wood
12% vat
59
Sale of barbecue
Vat exempt
60
Sale of canned pineapple chunks
12% vat
61
Sale of flowers
12% vat
62
Sale of muscovado
Vat exempt
63
Sale or importation of a fertilizers
Vat exempt
64
Sale or importation of seeds and seedlings
Vat exempt
65
Sale or importation of fingerlings
Vat exempt
66
Sale or importation of livestock and poultry feeds
Vat exempt
67
Sale or importation of ingredients whether locally produced or imported used in the manufacture of finished feeds
Vat exempt
68
Sale or importation of specialty feeds
12% vat
69
Sale or importation of ingredient used to manufacture special feeds
12% vat
70
Same or importation of whey powder
Vat exempt
71
Sale or importation of skimmed milk powder
Vat exempt
72
Sale or importation of lactose
Vat exempt
73
Sale or importation of buttermilk powder
Vat exempt
74
Importation of personal and household effects belonging to residents of the philippines returning from abroad
Vat exempt
75
Importation of personal and household effects belonging to non-resident coming to resettle in the philippines
Vat exempt provided that such school are exempt from custom duties under tariff and customs code of the philippines
76
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
Vat exempt
77
Importation of vehicles vessels aircraft and machineries and other similar goods for used in manufacture
Subject to vat
78
Services by agricultural contract growers
Vat exempt
79
Services by millers of palay into rice for others
Vat exempt
80
Services by millers for others of corn into grits
Vat exempt
81
Services by millers for others of sugarcane into raw sugar
Vat exempt
82
Medical dental hospital and veterinary services except those rendered by professionals
Vat exempt
83
Laboratory services
Vat exempt
84
Sale of drugs and medicine
12% vat
85
Hospital bill
Vat exempt
86
Sales of the drug store to the out-patients
12% vat
87
Services of cpa with annual gross professional fees greater than 3 million
12% vat
88
Services of professional medical practitioners with annual gross professional fees greater than 3 million
12% Vat
89
Services of Insurance Agents with annual gross professional fees greater than 3 million
12% Vat
90
Services of professional practitioners with annual gross professional fees greater than 3 million
12% VAT
91
Services of professional practitioners with annual gross professional fees less than 3 million
1% - July 1, 2020 to June 30, 2023
3% - July 1, 2023 onwards
92
Services of professional practitioners with annual gross professional fees of 3 million
1% - July 1, 2020 to June 30, 2023
3% - July 1, 2023 onwards
93
Educational services rendered by private educational institutions duly accredited by deped, ched, tesda, and those rendered by government educational institutions
Vat exempt
94
Gross receipts by a review school offering cpa review course
12% vat
95
Gross receipts by a tutorial school offering review courses for college entrance examination
12% vat
96
Services rendered by individuals under an employer-employee relationship
Vat exempt
97
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
Vat exempt
98
Transactions exempt under international agreements to which the philippines is a signatory or under special laws
Vat exempt
99
Sale of agricultural cooperatives own produced (processed) to members
Vat exempt
100
Sale of agricultural cooperatives own produced (processed) to non-members
VAT EXEMPT
101
Sale of agricultural cooperatives own produced (original state) to members
Vat exempt
102
Sale of agricultural cooperatives own produced (original state) to non-members
Vat exempt
103
Sale by agricultural cooperatives other than their own produce to members
Vat exempt
104
Sale by agricultural cooperatives other than their own produce to non-members
12% Vat
105
Gross receipt by credit cooperatives from lending activities
Vat exempt
106
Gross receipt by credit cooperatives from non-lending activities
12% VAT
107
Gross receipt by multi-purpose cooperatives from lending activities
Vat exempt
108
Gross receipt by multi-purpose cooperatives from non-lending activities
12% VAT
109
Gross receipts or sales by electric cooperatives
12% vat
110
Non agricultural non-electric and non lending or credit cooperative with a contribution per member less than or equal to 15,000
Vat exempt
111
Non agricultural non-electric and non lending or credit cooperative with a contribution per member greater than 15,000
12% vat
112
Export sales by persons who are not vat registered
Vat exempt
113
Export sales by vat registered person
0% VAT
114
Sale of goods supplies equipment and fuel to persons engage in international shipping or international air transport operations
0% VAT
115
Sales to export-oriented enterprises
12% VAT
116
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
12% vat
117
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
0% VAT
118
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
0% Vat
119
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.
0% vat
120
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
12% vat
121
Sale of real properties are not primarily held for sale to customers in the ordinary course of trade or business
Vat exempt
122
Sale of real properties used in the trade or business of the seller
12% vat
123
Sale of real properties held primarily for sale to customers in the ordinary course of trade or business
12% VAT
124
Sale of real properties held for lease in the ordinary course of trade or business
12% VAT
125
Sale of real property not primarily held for use in the ordinary course of trade or business
Vat exempt
126
Sale of real property utilized for socialized housing
Vat exempt
127
Sale of parking lot in the sale of condominium unit
12% vat regardless of the amount of selling price
128
Sale of house and lot with selling price of less than or equal to 3,199,200
VAT EXEMPT
129
Sale of house and lot with selling price more than 3,199,200
12% VAT
130
Sale of residential dwelling with selling price more than 3,199,200
12% VAT
131
Sale of residential dwelling with selling price less than 3,199,200
VAT EXEMPT
132
Sale of residential lot
12% vat
133
Sale of commercial lot or unit
12% vat
134
Lease of residential unit with a monthly rental less than or equal to 15,000
Vat exempt
135
Lease of residential unit with a monthly rental greater than 15,000 with annual receipt less than equal to 3 million
1% OPT - from july 1 2021 to june 30 2023
3% OPT - beginning july 1 2023
136
Lease residential unit with monthly rental greater than 15,000 and annual visit of greater than 3 million
12% vat
137
Lease of commercial units wherein the lessor is non vat registered and annual gross receipt is less than or equal to 3 million
1% OPT - from july 1 2021 to june 30 2023
3% OPT - beginning july 1 2023
138
Lease of commercial unit with annual cost receives greater than 3 million
12% vat
139
Lease of commercial units by Vat reg persons
12% VAT
140
Residential unit refers to
Apartment, houses, and lot used for residential purposes
Dormitories room bed spaces
141
Sale of a book and any newspaper, magazine, journal, review bulletin, or any such educational reading material covered by unesco
Vat exempt
142
Importation of book and any newspaper, magazine, journal, review bulletin, or any such educational reading material covered by unesco
Vat exempt
143
Printing of book and any newspaper, magazine, journal, review bulletin, or any such educational reading material covered by unesco
Vat exempt
144
publication of a book and any newspaper, magazine, journal, review bulletin, or any such educational reading material covered by unesco
Vat exempt
145
Ebooks e journals electronic copies online library sources cds and software or any electronic format or version of book, newspaper, magazine, review and bulletin
12% of vat
146
Printing of brochures
12% vat
147
Bookbinding engraving stereotyping electro typing lithographing of various reference books and read books
12% VAT
148
Transport of passengers originating in the philippines by international carriers or resident foreign corporations
Vat exempt
149
Transport of cargo or goods by international carriers or resident foreign corporations originating in the philippines
3% common carriers tax
150
Transport of passengers by LAND of domestic common carriers within the philippines
3% common carriers tax
151
Transport of passengers by LAND of domestic common carriers from philippines to abroad
0% vat
152
Transport of passengers by air or sea of domestic common carriers from philippines to abroad
0% vat
153
Transport of cargo or goods by domestic common carriers from philippines to abroad
0% vat
154
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
Vat exempt
155
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
Vat exempt
156
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
Vat exempt
157
Importation of fuel goods and supplies by persons engaged in international shipping or air transport operations
Vat ex
158
Association dues membership fees and other assessments and charges collected on a purely reimbursement basis by homeowners associations and condominium corporation
Vat exempt
159
Sale of gold to bsp
Vat exempt
160
Save or importation of drugs and medicines for diabetes
Vat exempt
161
Sale or importation of drugs and medicines prescribed for high cholesterol
Vat exempt
162
Sale or importation of prescribed drugs and medicine for hypertension
Vat exempt beginning january 1 2020
163
Save or importation of prescription drugs and medicine for cancer
A vat exempt beginning january 1 2021
164
Sale or importation of drugs and medicine prescribed for mental illnesses
Vat exempt beginning january 1 2021
165
Sale or importation of drugs and medicine prescribed for tuberculosis
Vat exempt beginning january 1 2021
166
Sale or importation of drugs and medicines prescribed for kidney diseases
Vat exempt beginning january 1 2021
167
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
12% vat on fair market value of the goods consumed
168
Distribution or transfer to shareholders or investors as a share in the profits of a vat registered person
12% vat based on the market value
169
Consignment of good if actual sale is not made within 60 days
12% vat
170
Consigned goods returned within the 60-day period
Not subject to vat
171
All goods on hand as of the date of retirement from or cessation of status as a vat registered person
12% of vat based on the acquisition cost or market value whichever is lower
172
Goods on hand when there is a change of control of a corporation
Not subject to vat
173
All good on hand when there is change in the trade or corporate name of the taxpayer
Not subject to vat
174
All goods on hand when there is merger or consolidation of corporations
Not subject to vat
175
Sale by dealer in securities
12% vat based on the gross income
176
Sale of real properties
12% vat base on the selling price and fair market value and zonal value whichever is higher
177
Purchase of services
12% input vat
178
Local purchase of goods for sale
12% input vat
179
Local purchase of goods for conversion into finished product
12% input vat
180
Local purchase of goods for use as a supplies
12% input vat
181
Local purchase of goods for use as materials supplied in the sale of services
12% input vat
182
Local purchase of goods for use in trade or business for which the profession or amortisation is allowed
12% input vat
183
Persons rpms engage in the processing of sardines mackerel and milk should be allowed a presumptive input tax
4% input tax based on the gross value in money of their purchases
184
Persons are firms engaged in manufacturing define sugar cooking oil and packed noodle-based instant meals
4% presumptive input tax
185
Advance payment by lessee applied to rentals
12% vat
186
Operators of cars for rent
3% common carriers tax
187
Operators of cars for hire driven by the lessee
3% common carriers tax
188
Operators of transportation contractors
3% common carriers tax
189
Keepers of garages
3% common carriers tax
