Zero Percent VAT on Export Sales
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Zero Percent VAT on Export Sales

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Questions and Answers

What is considered as export sales?

  • Sale of goods to a non-VATregistered person
  • Sale of goods from one region to another within the Philippines
  • Sale and shipment of goods from the Philippines to a foreign country (correct)
  • Sale of goods to a local government agency

    • What is required to be paid in export sales?

  • Only Euro
  • Acceptable foreign currency or its equivalent in goods or services (correct)
  • Only Philippine Peso
  • Only US Dollar

    • What is accounted for in accordance with the rules and regulations of Bangko Sentral ng Pilipinas (BSP)?

  • Export sales (correct)
  • Registered enterprises within a separate customs territory
  • Local sales
  • Import sales

    • Who declares the tourism enterprise zones?

    <p>Tourism Infrastructure and Enterprise Zone Authority (TIEZA)</p> Signup and view all the answers

    What is the Republic Act that provides provisions for tourism enterprise zones?

    <p>Republic Act No. 9593</p> Signup and view all the answers

    What sales are subject to a 12% value-added tax and no longer considered export sales subject to 0% VAT rate after certain conditions are met?

    <p>Sales that exceed seventy percent (70%) of total annual production by an export-oriented enterprise</p> Signup and view all the answers

    What is required for sales to nonresident buyers for delivery to local export-oriented enterprises to be exempt from the 12% value-added tax?

    <p>Successful establishment of an enhanced VAT refund system that grants refunds of creditable input tax within 90 days</p> Signup and view all the answers

    What must happen for subparagraphs (3), (4), and (5) to no longer be considered export sales subject to 0% VAT rate?

    <p>All applications filed from January 1, 2018 must be processed and decided within 90 days</p> Signup and view all the answers

    What is automatically appropriated annually and treated as a special account for the purpose of funding claims for VAT refund?

    <p>An amount equivalent to 5% of the total VAT collection</p> Signup and view all the answers

    Which entity is required to establish a VAT refund center for handling the processing and granting of cash refunds of creditable input tax?

    <p>BIR and BOC</p> Signup and view all the answers

    Which sales are effectively subjected to a zero rate in accordance with special laws or international agreements?

    <p>Sales to entities exempt under special laws or international agreements</p> Signup and view all the answers

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