Test Your Knowledge on VAT Refunds and Compliance Requirements

1. Prescriptive period for claim of refund or tax credit is two years from the taxable quarter when zero-rated sales were made.
2. Unutilized input VAT on zero-rated sales can be expensed outright or claimed as a tax credit/refund.
3. Unutilized VAT payments can be carried over to the next taxable year for issuance of TCC.
4. TCC claim must be filed within 2 years from the date of filing of 4th quarter VAT.
5. TCC claim shall be limited to unutilized advanced VAT payment and shall not include excess input VAT.
6. Two cases where a taxpayer can ask for refund of input VAT are unutilized input VAT on zero-rated sales and unutilized input VAT upon cancellation of VAT registration due to retirement from or recession of business.
7. Compliance requirements include invoicing, accounting, VAT return filing, quarterly summary lists filing, and government withholding.
8. A VAT invoice is required for every sale, barter, or exchange of goods or properties.
9. A VAT official receipt is required for every lease of goods or properties and for every sale, barter or exchange of services.
10. A single invoice or receipt involving VAT and non-VAT transactions must indicate the breakdown of sales or receipt among taxable, exempt, and zero-rated components.

Think you know everything there is to know about VAT compliance and refund claims? Test your knowledge with our quiz! This quiz covers important topics such as prescriptive period for claim of refund, unutilized input VAT, TCC claims, compliance requirements, and more. Use your expertise to come up with catchy titles and descriptions for each quiz question. Challenge yourself and see how well you do!