Suppliers of zero-rated goods/services may be registered for VAT, but vendors of exempt supplies may not.Select one:TrueFalse

Which is NOT VAT-Exempted?Select one or more:a.Export sales by individuals who are VAT- registeredb.Sale of nonfood agricultural products in their original statec.Sales by agricultural cooperatives duly registered with Cooperative Development Authority to their members as well as sale of their produce, whether in its original state or processed form, to non-members.d.Services of agricultural contract growers and milling for others of palay into rice, corn into grits and sugar cane into raw

Identify which of the following items not exempted from VATQuestion 8Answera.Medical and Pharmaceutical itemsb.Electronics and Textile materialsc.Books and Educational materialsd.Basic food items and Baby products

Below is the data of selected accounts of a taxpayer, with VAT and non-VAT business. No inventories were done at the start and end of the taxable period.Purchases, all from VAT suppliers,Exclusive of VAT                                      Php 750, 000Sales, exclusive of any tax:           Exports, VAT business                                    850, 000Exports, non-VAT business                             600, 000Domestic sales, VAT business                          200, 000Domestics sales, non-VAT business                  250, 000How much is VAT payable on domestic sales?Select one:a.Php 0b.Php 27, 000 c.Php 53, 000 d.Php 14, 400

The screenshot displayed below shows that when you were creating this particular customer’s account in Sage 50c Pastel Partner, you set the tax code as “03-exempt/non supp (0,00%); what is the implication of such a tax code Group of answer choicesA. This customer is subject to a VAT standard rate of 15%B. This customer is not subject to any VAT tax rateC. This customer is subject to a VAT standard rate of 5%D. This customer is subject to a VAT standard rate of 10%

Which is NOT applicable when a purchase from a VAT-registered person is for use both in the VAT and non-VAT business of the purchaser?Select one:a.The VAT component of the amount paid for the purchase may be debited at the time of purchase to the input taxes account.b.The VAT component of the amount paid for the purchase may be debited at the time of purchase to the Purchases account.c.The VAT component of the amount paid for the purchase should be allocated at once and at the time of purchase between the VAT and non-VAT business.d.Must be allocated between the VAT and non-VAT business at the end of the taxable period.