VAT version 2 Flashcards
(10 cards)
sale of water, VAT exempt
FALSE
it is a mineral
medical services of quack doctor are VAT exempt
TRUE:
professional medical services is VATable
Sale of raw by a farmer’s coop to non-members is VAT exempt
True
while under (L), sale of non products of an agri coop (here a fish) is VATable but (a) provides that fish is marine food products are exempt
sale of ELECTRIC coop with 10k capital contribution of each member is subject to VAT
TRUE
law provides it is exempt if below 15k/member but it refered to NON-electric coop
lease of 10 residential apartments for 20k per month per unit is subject to VAT
FALSE
while
(q) provides only if the apartments/units is 15k or less, than it is exempt from VAT. here it is 20k which is beyond
the provides that if gross sales/ receipts do not exceed 3M, it is exempt from VAT. Here, it only amounts to 2.4M
sale of 5 residential LOTS located in different locations for 1.5M each is subject to VAT
True
old law provides that if a person engaged in the selling of real estate sells residential LOTS for 1.5M or below, it is VAT exempt
new law provides that the exemption is only applicable now to the sale of residential DWELLINGS or house & lot; further it must be 2M or less
transitional input vat is equivalent to 2% of the value of the beginning inventory of the actual VAT paid on such goods, materaisl, and supplies whiever is lower
FALSE
2% of the purchases of the year OR
2% of the VAT beggining of the inventory
whichever is higher
the 2-year prescipritev period for claim of refund of creditable input VAT inclues the pursuit of both the admin & judicial remedies
FALSE
Sale to Gov’t is subject to 5% creditable input vat
FALSE
5% final withholding tax
IMPORTATION of cancer drugs is VAT exempt
TRUE:
(aa) - sale of or importation of prescription drugs & meds for
x xx xx
ii. cancel
