1. An online retailer in the Philippines projects c.

2550M and 2550Q

that his sales will exceed P3,000,000 in the d. 2550M or 2550Q
coming year. What should he do regarding VAT
registration? 6. What is the deadline for filing BIR Form 2550Q?
a. Wait until his sales exceed P3,000,000 a. Within 30 days following the close of each
before registering taxable quarter
b. Register for mandatory VAT based on his b. Within 15 days following the close of each
projections taxable quarter
c. Apply for VAT exemption due to the nature c. Within 25 days following the close of each
of his business taxable quarter
d. Register for optional VAT to claim input tax d. Within 20 days following the close of each
credits taxable quarter

2. ABC Broadcasting Corporation is a non-VAT 7. Ms. Delar is a VAT-registered car dealer. During
taxpayer. They have gross annual sales of her son’s birthday, she gave her son one of her
P11,500,000 last year. For the current year, cars in her shop as a gift. Such transfer shall be
their gross sales are expected to be around subject to
P9,000,000. What is ABC’s VAT registration a. Donor’s tax
requirement for the current year? b. VAT
A. ABC Broadcasting Corporation must be VAT c. A and B
registered since their sales exceeded the d. None of the choices
P3,000,000 threshold
B. ABC Broadcasting Corporation must be VAT- 8. During the month, a VAT-registered taxpayer
registered since their gross annual sales last has the following information:
year exceeded P10,000,000 Sales, based on invoice – P515,200
C. ABC Broadcasting Corporation is not Purchases, based on invoice – 364,000
required to be VAT registered Sales discount granted for early payment –
D. None of the choices are true 35,000

3. Which of the following is considered when How much is the VAT payable?
calculating the gross sales for VAT purposes? a. 12,450
a. Only the cash sales made during the period b. 13,920
b. All sales, including credit sales, within the c. 12,000
period d. 16,200
c. Only the sales made to VAT-registered
buyers 9. On February 2024, Jinky purchased a
d. Only the sales of non-exempt goods and condominium unit and a parking space worth
services P3,500,000 and P950,000 respectively from a
VAT-registered property developer. The output
4. If a VAT-registered taxpayer has more input VAT tax from the transaction is
than output VAT, what happens? A. 426,000
a. The taxpayer must pay the excess amount B. 312,000
to the BIR C. 114,000
b. The excess input VAT can be carried over to D. 0
the next period
c. The excess input VAT is forfeited 10. Nice Time Corp. (NT) is a distiller of several
d. The taxpayer must adjust their sales price to alcoholic drinks. During the taxable month, they
balance the VAT sold P14,960,000 worth of bottles of beers and
wines before excise and value-added tax. If total
5. Which form is mandatory for VAT-registered excise tax is P915,000, how much is the total
taxpayers to file starting January 1, 2023? sales invoice amount if the excise tax will be
a. 2550M passed on the buyer?
b. 2550Q A. 16,452,800
 B. 16,562,600 15. A VAT registered business has the following
C. 17,367,800 transactions, net of VAT:
D. 17,477,600 Sales of goods to private entities – P2,500,000
Purchases of goods sold to private entities –
11. A real estate dealer sold a piece of land to a 800,000
client. The land has the following values: Sales to a GOCC – 1,000,000
Selling price – P8,300,000 Purchases of goods sold to GOCC – 700,000
Assessed value – 8,850,000
Zonal value – 7,000,000 How much is the VAT still payable?
a. 240,000
How much is the output VAT? b. 204,000
a. 996,000 c. 190,000
b. 1,062,000 d. 120,000
c. 840,000
d. 0 16. A taxpayer opted to be registered as a VAT
taxpayer beginning on the 4th quarter. At the
12. A VAT-registered taxpayer sold goods to a beginning of October, they had the following
government agency. After deducting the 5% analysis of beginning inventory:
creditable withholding VAT, the taxpayer Agricultural food products 250,000
received cash of P53,500 as full payment for the Processed goods:
goods sold. Based on the data given, how much From VAT-registered sellers 100,000
is the output VAT? From VAT-registered sellers 550,000
A. 6,758
B. 6,420 Compute for the transitional input VAT.
C. 6,000 a. 18,000
D. 3,745 b. 16,000
c. 12,000
13. Chantel’s Eatery is a VAT-registered taxpayer d. 13,000
and has reported the following sales during the
quarter gross of the special discounts Honey Ducks is a manufacturer of packet
Normal sales – P620,000 noodles that comes in a variety of flavors. It had
Sales to national athletes – 85,000 the following information for the quarter:
Sales to senior citizens – 270,000 Sales 10,000,000
Sales to PWDs – 180,000 Sales returns 300,000
Sales to government 2,000,000
Compute for the output VAT. VATable purchases 1,000,000
a. 138,600 Non-VAT purchases (87.50% 4,000,000
b. 84,600 represents agricultural goods in
c. 82,560 their original state)
d. 74,400
17. Determine the total available input tax.
14. Ms. Y, a real estate dealer, sold a lot during the a. 190,000
month of October 2022. It has a selling price of b. 120,000
P400,000. The terms of the sale required a c. 430,000
down payment of P45,000 during the month of d. 370,000
sale and a monthly installment of P14,200
starting on November 1, 2022. How much is the 18. Determine the Net VAT Payable.
total output tax due for the 4th quarter period? a. 1,114,000
A. 48,000 b. 1,284,000
B. 5,400 c. 1,214,000
C. 3,408 d. 1,034,000
D. 8,808