Filipino Citizenship Classification Quiz

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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?

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?

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?

Dental services 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?

Sale of drugs and medicine to in-patients Signup and view all the answers

What type of publications are VAT-taxable when sold in electronic format?

Books and magazines Signup and view all the answers

As of January 1, 2021, under the TRAIN law, what type of real properties are VAT-exempt?

Socialized housing properties Signup and view all the answers

Which of the following is NOT considered a residential unit according to the text?

Motels Signup and view all the answers

What is the selling price threshold for residential dwellings to qualify for VAT exemption under the TRAIN law?

₱2,000,000 Signup and view all the answers

In the context of residential units, what does the term 'unit' refer to?

Apartment unit only Signup and view all the answers

Which of the following real properties would NOT qualify for VAT exemption under the TRAIN law?

High-end residential properties Signup and view all the answers

For transactions involving the return of consigned goods within the 60-day period, what is the legal implication?

The goods are not deemed sold. Signup and view all the answers

Under what circumstances does the transfer of property constitute a 'deemed purchase'?

When the transfer is a completed gift. Signup and view all the answers

Which of the following is NOT considered a transaction deemed sale according to the text?

Transfer of property to a trustee. 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'?

They are considered as sold goods. Signup and view all the answers

What goods are specifically mentioned as not being transactions deemed sale subject to VAT?

Laptops and tablets for teaching. Signup and view all the answers

In the context of the text, which of the following scenarios would result in a 'deemed sale'?

A consignee returning goods after 90 days. 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?

Validation of the application Signup and view all the answers

Under Section 269 of the Tax Code, how is inaction on a taxpayer's application penalized?

Criminal penalty 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?

Loss amount Signup and view all the answers

What does the VAT system require in terms of accounting for sales and purchases?

Record in the books net of VAT 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?

Criminal penalty 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?

Denial with the right to appeal 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?

December 31, 2021 Signup and view all the answers

Which of the following non-depreciable vehicles cannot be used as input tax credits against the output VAT?

Yachts Signup and view all the answers

When can input tax credit for Construction in Progress (CIP) be recognized?

When the asset is placed in service 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?

Vehicles are used for personal purposes 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?

SUVs exceeding ₱2,400,000 used by employees 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?

Lack of substantiation of expenses Signup and view all the answers