Podcast
Questions and Answers
Which services are VAT-exempt?
Which services are VAT-exempt?
Which of the following activities is NOT VATable based on the text?
Which of the following activities is NOT VATable based on the text?
What is the VAT status of the sale of drugs and medicines in hospitals according to the text?
What is the VAT status of the sale of drugs and medicines in hospitals according to the text?
Which one of these services is specifically noted to be VATable in the text?
Which one of these services is specifically noted to be VATable in the text?
Signup and view all the answers
Based on the text, in a hospital setting, which of the following is considered as part of hospital services?
Based on the text, in a hospital setting, which of the following is considered as part of hospital services?
Signup and view all the answers
What type of publications are VAT-taxable when sold in electronic format?
What type of publications are VAT-taxable when sold in electronic format?
Signup and view all the answers
As of January 1, 2021, under the TRAIN law, what type of real properties are VAT-exempt?
As of January 1, 2021, under the TRAIN law, what type of real properties are VAT-exempt?
Signup and view all the answers
Which of the following is NOT considered a residential unit according to the text?
Which of the following is NOT considered a residential unit according to the text?
Signup and view all the answers
What is the selling price threshold for residential dwellings to qualify for VAT exemption under the TRAIN law?
What is the selling price threshold for residential dwellings to qualify for VAT exemption under the TRAIN law?
Signup and view all the answers
In the context of residential units, what does the term 'unit' refer to?
In the context of residential units, what does the term 'unit' refer to?
Signup and view all the answers
Which of the following real properties would NOT qualify for VAT exemption under the TRAIN law?
Which of the following real properties would NOT qualify for VAT exemption under the TRAIN law?
Signup and view all the answers
For transactions involving the return of consigned goods within the 60-day period, what is the legal implication?
For transactions involving the return of consigned goods within the 60-day period, what is the legal implication?
Signup and view all the answers
Under what circumstances does the transfer of property constitute a 'deemed purchase'?
Under what circumstances does the transfer of property constitute a 'deemed purchase'?
Signup and view all the answers
Which of the following is NOT considered a transaction deemed sale according to the text?
Which of the following is NOT considered a transaction deemed sale according to the text?
Signup and view all the answers
What is the significance, from the viewpoint of the new owner, of goods transferred that meet the conditions for a 'deemed purchase'?
What is the significance, from the viewpoint of the new owner, of goods transferred that meet the conditions for a 'deemed purchase'?
Signup and view all the answers
What goods are specifically mentioned as not being transactions deemed sale subject to VAT?
What goods are specifically mentioned as not being transactions deemed sale subject to VAT?
Signup and view all the answers
In the context of the text, which of the following scenarios would result in a 'deemed sale'?
In the context of the text, which of the following scenarios would result in a 'deemed sale'?
Signup and view all the answers
In the present Tax Code, what action does inaction on the Commissioner's part regarding an application result in?
In the present Tax Code, what action does inaction on the Commissioner's part regarding an application result in?
Signup and view all the answers
Under Section 269 of the Tax Code, how is inaction on a taxpayer's application penalized?
Under Section 269 of the Tax Code, how is inaction on a taxpayer's application penalized?
Signup and view all the answers
When the BIR denies a claim for refund/TCC, what may the taxpayer properly deduct from gross income for income tax purposes?
When the BIR denies a claim for refund/TCC, what may the taxpayer properly deduct from gross income for income tax purposes?
Signup and view all the answers
What does the VAT system require in terms of accounting for sales and purchases?
What does the VAT system require in terms of accounting for sales and purchases?
Signup and view all the answers
What incentive does Section 269 of the Tax Code introduce to encourage prompt action on a taxpayer's application?
What incentive does Section 269 of the Tax Code introduce to encourage prompt action on a taxpayer's application?
Signup and view all the answers
Under the present Tax Code, what did inaction by the Commissioner on an application used to be deemed as?
Under the present Tax Code, what did inaction by the Commissioner on an application used to be deemed as?
Signup and view all the answers
Until when is the amortization of input VAT allowed according to Section 110(A)(2) of the Tax Code?
Until when is the amortization of input VAT allowed according to Section 110(A)(2) of the Tax Code?
Signup and view all the answers
Which of the following non-depreciable vehicles cannot be used as input tax credits against the output VAT?
Which of the following non-depreciable vehicles cannot be used as input tax credits against the output VAT?
Signup and view all the answers
When can input tax credit for Construction in Progress (CIP) be recognized?
When can input tax credit for Construction in Progress (CIP) be recognized?
Signup and view all the answers
What is a condition for the input tax credit on the purchase of vehicles to be disallowed as credit against output VAT?
What is a condition for the input tax credit on the purchase of vehicles to be disallowed as credit against output VAT?
Signup and view all the answers
Which vehicles, if used by an official or employee and exceeding ₱2,400,000, are not allowed as input tax credits against output VAT?
Which vehicles, if used by an official or employee and exceeding ₱2,400,000, are not allowed as input tax credits against output VAT?
Signup and view all the answers
What is the main reason why input tax on the maintenance expenses of certain vehicles is not allowed as an input tax credit?
What is the main reason why input tax on the maintenance expenses of certain vehicles is not allowed as an input tax credit?
Signup and view all the answers
