Podcast Beta
Questions and Answers
What is the formula for calculating VAT still due?
What is the percentage of final withholding VAT?
Is advanced VAT included as part of allowable input VAT?
When is advanced VAT paid?
Signup and view all the answers
Is advanced VAT considered as input VAT?
Signup and view all the answers
Is VAT exempted for the importation of wheat?
Signup and view all the answers
When should advanced VAT on future sale from imported wheat be paid?
Signup and view all the answers
Can transport of timber products be allowed without advanced payment of VAT?
Signup and view all the answers
Is advanced VAT creditable against output VAT?
Signup and view all the answers
What is the advanced percentage tax for businesses not VAT-registered?
Signup and view all the answers
Study Notes
- VAT still due is calculated by subtracting creditable input VAT from output VAT.
- Final withholding VAT is 5% of sales withheld by government agencies.
- Advanced VAT is not included as part of allowable input VAT.
- Advanced VAT is paid before withdrawal at the point of production.
- Advanced VAT is not an input VAT.
- Importation of wheat is exempt from VAT.
- Advanced VAT on future sale from imported wheat shall be paid prior to release from Customs custody of the wheat.
- Owners/sellers shall not allow any transport of timber products without advanced payment of VAT.
- Advanced VAT is creditable against output VAT.
- Businesses not VAT-registered shall pay 3% advanced percentage tax.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on Value-Added Tax (VAT) in this quiz! From calculating VAT to understanding advanced VAT, this quiz covers everything you need to know about VAT and its application in different scenarios. Put your skills to the test by answering questions on input VAT, output VAT, withholding VAT, and more. Whether you're a business owner or just curious about VAT, this quiz is sure to challenge you and expand your knowledge.