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Questions and Answers
What is considered as export sales?
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?
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)?
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?
Who declares the tourism enterprise zones?
What is the Republic Act that provides provisions for tourism enterprise zones?
What is the Republic Act that provides provisions for tourism enterprise zones?
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?
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?
What is required for sales to nonresident buyers for delivery to local export-oriented enterprises to be exempt from the 12% value-added tax?
What is required for sales to nonresident buyers for delivery to local export-oriented enterprises to be exempt from the 12% value-added tax?
What must happen for subparagraphs (3), (4), and (5) to no longer be considered export sales subject to 0% VAT rate?
What must happen for subparagraphs (3), (4), and (5) to no longer be considered export sales subject to 0% VAT rate?
What is automatically appropriated annually and treated as a special account for the purpose of funding claims for VAT refund?
What is automatically appropriated annually and treated as a special account for the purpose of funding claims for VAT refund?
Which entity is required to establish a VAT refund center for handling the processing and granting of cash refunds of creditable input tax?
Which entity is required to establish a VAT refund center for handling the processing and granting of cash refunds of creditable input tax?
Which sales are effectively subjected to a zero rate in accordance with special laws or international agreements?
Which sales are effectively subjected to a zero rate in accordance with special laws or international agreements?
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