Scribd
Upload
62 views1 page

Chapter 10 Practice Problems Valencia

1. The input VAT paid by a VAT-registered person can be credited against their output VAT, except for input VAT paid to non-VAT suppliers. Importers, not foreign exporters, are liable for VAT on imports. Transitional input VAT of 2% of beginning inventory is allowed as an annual tax credit under the VAT system. Input VAT is increased by transitional input VAT and presumptive input VAT.

Uploaded by

Elai grace Fernandez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
62 views1 page

Chapter 10 Practice Problems Valencia

1. The input VAT paid by a VAT-registered person can be credited against their output VAT, except for input VAT paid to non-VAT suppliers. Importers, not foreign exporters, are liable for VAT on imports. Transitional input VAT of 2% of beginning inventory is allowed as an annual tax credit under the VAT system. Input VAT is increased by transitional input VAT and presumptive input VAT.

Uploaded by

Elai grace Fernandez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

CHAPTER 10

CH10 p. 480
10-3 True or False
1. The input VAT of a VAT person is creditable against the output VAT.
2. The input VAT paid to a non-VAT supplier by a VAT-registered person is not creditable against
the latter’s output VAT.

3. The importers are the persons liable to VAT not the resident foreigh exporter.
4. The commercial invoice of a foreign seller does not need to be VAT invoice or receipt to be
subjected to VAT.

5. Transitional input VAT of 2% of the beginning inventory of each year is allowed as tax credit of
VAT system.

6. The presumptive input VAT is 4% of all purchases of goods.


7. The creditable input VAT is increased by transitional input VAT and presumptive input VAT.
8. For real property bought on instalment, the creditable input VAT to the buyer should correspond
to the VAT of the instalment payments.

9. Input VAT is not recognized from effectively zero-rated purchases.


10. The VAT refund should be filed and applied within 5 years from the filing of VAT return.
11. The input VAT on importation must be supported by the import entry.
12. The TIV and PIV are not allowed for tax refund or issuance of TCC.
13. The limit of input VAT is allowed only when the purchased depreciable goods amounts to
P1,000,000 or less.

14. Transitional input VAT allows the deduction of a higher amount of actual input VAT.
15. The input VAT related to zero-rated purchases is allowed for tax refund or issuance of TCC.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy