Podcast
Questions and Answers
What is the formula for calculating VAT still due?
What is the formula for calculating VAT still due?
- Multiplying input VAT by output VAT
- Subtracting input VAT from output VAT (correct)
- Dividing input VAT by output VAT
- Adding input VAT to output VAT
What is the percentage of final withholding VAT?
What is the percentage of final withholding VAT?
- 15%
- 20%
- 10%
- 5% (correct)
Is advanced VAT included as part of allowable input VAT?
Is advanced VAT included as part of allowable input VAT?
- No (correct)
- Yes
- It depends
- Sometimes
When is advanced VAT paid?
When is advanced VAT paid?
Is advanced VAT considered as input VAT?
Is advanced VAT considered as input VAT?
Is VAT exempted for the importation of wheat?
Is VAT exempted for the importation of wheat?
When should advanced VAT on future sale from imported wheat be paid?
When should advanced VAT on future sale from imported wheat be paid?
Can transport of timber products be allowed without advanced payment of VAT?
Can transport of timber products be allowed without advanced payment of VAT?
Is advanced VAT creditable against output VAT?
Is advanced VAT creditable against output VAT?
What is the advanced percentage tax for businesses not VAT-registered?
What is the advanced percentage tax for businesses not VAT-registered?
Flashcards
VAT still due
VAT still due
The total output VAT minus the total input VAT.
Final withholding VAT
Final withholding VAT
5% of the value of goods or services at the time of sale.
Advanced VAT as input VAT
Advanced VAT as input VAT
No, it's not considered as part of allowable input VAT. The final VAT paid on the sale of a good produced using advanced VAT is the only amount that can offset the input VAT.
When is advanced VAT paid?
When is advanced VAT paid?
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Is advanced VAT considered as input VAT?
Is advanced VAT considered as input VAT?
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Is wheat import VAT exempted?
Is wheat import VAT exempted?
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When is advanced VAT on imported wheat due?
When is advanced VAT on imported wheat due?
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Is timber transport exempt from advanced VAT?
Is timber transport exempt from advanced VAT?
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Is advanced VAT creditable against output VAT?
Is advanced VAT creditable against output VAT?
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Advanced VAT for non-VAT registered businesses
Advanced VAT for non-VAT registered businesses
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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.
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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.
