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Questions and Answers
Which services are VAT-exempt?
Which services are VAT-exempt?
- Sale of drugs and medicines by hospitals to in-patients (correct)
- Lab services
- Veterinary services rendered by professionals
- Medical services provided by professionals
Which of the following activities is NOT VATable based on the text?
Which of the following activities is NOT VATable based on the text?
- Rendering dental services
- Sale of medicines
- Operational drug store in a hospital
- Milling palay into rice for others (correct)
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?
- Depends on the quantity of drugs sold
- VATable (correct)
- VAT-exempt
- Subject to VAT only for in-patients
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?
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?
What type of publications are VAT-taxable when sold in electronic format?
What type of publications are VAT-taxable when sold in electronic format?
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?
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?
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?
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?
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?
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?
Under what circumstances does the transfer of property constitute a 'deemed purchase'?
Under what circumstances does the transfer of property constitute a 'deemed purchase'?
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?
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'?
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?
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'?
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?
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?
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?
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?
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?
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?
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?
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?
When can input tax credit for Construction in Progress (CIP) be recognized?
When can input tax credit for Construction in Progress (CIP) be recognized?
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?
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?
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?
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