11 Questions
What is considered as export sales?
Sale and shipment of goods from the Philippines to a foreign country
What is required to be paid in export sales?
Acceptable foreign currency or its equivalent in goods or services
What is accounted for in accordance with the rules and regulations of Bangko Sentral ng Pilipinas (BSP)?
Export sales
Who declares the tourism enterprise zones?
Tourism Infrastructure and Enterprise Zone Authority (TIEZA)
What is the Republic Act that provides provisions for tourism enterprise zones?
Republic Act No. 9593
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?
Sales that exceed seventy percent (70%) of total annual production by an export-oriented enterprise
What is required for sales to nonresident buyers for delivery to local export-oriented enterprises to be exempt from the 12% value-added tax?
Successful establishment of an enhanced VAT refund system that grants refunds of creditable input tax within 90 days
What must happen for subparagraphs (3), (4), and (5) to no longer be considered export sales subject to 0% VAT rate?
All applications filed from January 1, 2018 must be processed and decided within 90 days
What is automatically appropriated annually and treated as a special account for the purpose of funding claims for VAT refund?
An amount equivalent to 5% of the total VAT collection
Which entity is required to establish a VAT refund center for handling the processing and granting of cash refunds of creditable input tax?
BIR and BOC
Which sales are effectively subjected to a zero rate in accordance with special laws or international agreements?
Sales to entities exempt under special laws or international agreements
This quiz covers the conditions and definitions related to sales subject to zero percent VAT rate, specifically focusing on export sales from the Philippines to a foreign country. Test your knowledge on the requirements for sales to qualify for zero percent VAT.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
