VAT Transactions Flashcards
(32 cards)
VATable or VAT-exempt: Sale of muscovado sugar.
VAT-exempt (muscivado sugar is referred to as raw sugar)
VATable or VAT-exempt: Importation of fertilizers for poultry.
VAT-exempt
VATable or VAT-exempt: Importation of specialty feeds for livestock.
VATable (specialty feeds are subject to 12% VAT)
VATable or VAT-exempt: Sale of cheese.
VATable (cheese is not a necessity)
VATable or VAT-exempt: Sale of roasted fish for its preservation.
VAT-exempt (roasting is part of a simple process of preparation for agricultural and marine food products)
VATable or VAT-exempt: Importation of marinated fish.
VATable (marinating is not included in the simple processes of preparation and preservation of agricultural and marine products)
VATable or VAT-exempt: Sale of iodized salt.
VATable (iodized salt is processed, therefore VATable; rock salt is not, therefore VAT-exempt)
VATable or VAT-exempt: Sale of seedlings of trees.
VAT-exempt
Food is a basic necessity of (elastic or inelastic) demand.
Inelastic
VATable or VAT-exempt: Importation of polished rice
VAT-exempt (these are considered still in their original state)
VATable or VAT-exempt: services of conversion from palay to rice
VAT-exempt
VATable or VAT-exempt: Sale of mangoes with annual sales of P5,000,000
VAT-exempt (VAT-exempt products are always VAT-exempt regardless of their sales)
VATable or VAT-exempt: Sale of smoked fish with annual sales of P1,000,000
VAT-exempt (smoking is a part of simple processes of preservation)
12%, 3%, or exempt: Sale of coco lumber with an annual sales of P3,600,000
VATable, 12% (not exempt because it is a non-food product)
12%, 3%, or exempt: Sale of canned sardines, annual sales of P2,500,000
3% percentage tax (canning is a special process; sales of 2.5M is still below VAT threshold)
12%, 3%, or exempt: Sale of dog food, annual sales of P4,500,000
VAT 12% (dog food is a special feeds)
12%, 3%, or exempt: Sale of dog food, annual sales of P4,500,000
12% VAT (dog food is a specialty feeds)
12%, 3%, or exempt: Sale of chicken feed, annual sales of P10,000,000
Exempt
VATable or VAT-exempt: Sale of biogesic
VATable
12%, 3%, or exempt: Fees collected for X-ray, annual sales of P1,000,000
Exempt (because these are in relation to providing medical services by a hospital)
12%, 3%, or exempt: Fees from canteen space, annual rent is P5,000,000
12% VAT (these are not related to providing medical services)
12%, 3%, or exempt: Doctor’s fees (outsider), annual sales of P3,300,000
12% VAT
12%, 3%, or exempt: Fees for surgeries, annual sales of P10,000,000
VAT-exempt
12%, 3%, or exempt: Sale of medicine, annual sales of P4,500,000
VAT 12% (Sale of medicine is VATable)
