Scribd
Upload
31 views2 pages

N4

Karen is a practicing CPA and full-time college professor. Her gross receipts from accounting were P1.4 million, and income from teaching was P195,000. She is not required to pay VAT or business tax as her accounting receipts do not exceed the VAT threshold. However, she may voluntarily register for VAT. The import of non-food agricultural products in their original state by a primary producer is not VAT-exempt.

Uploaded by

Lazy Leath
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
31 views2 pages

N4

Karen is a practicing CPA and full-time college professor. Her gross receipts from accounting were P1.4 million, and income from teaching was P195,000. She is not required to pay VAT or business tax as her accounting receipts do not exceed the VAT threshold. However, she may voluntarily register for VAT. The import of non-food agricultural products in their original state by a primary producer is not VAT-exempt.

Uploaded by

Lazy Leath
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/ 2

16. By revenue regulation, which of the items below is not considered in original state?

- Marinated Fish
17. Which product is non-taxable with VAT on importation?
- Fresh cow’s milk
18. Which of the items below is taxable with VAT?
- Canned fruits
19. Which is not considered as simple processing?
- Marinating
20. The following advanced technological means of packaging are deemed not to alter the nature of
agricultural marine food products thereby retaining their original state. Which is exemption?
- Canning

16. Seedlings of this tree are exempt from VAT on importation.


- Palm oil tree
17. Which of the following when imported is subject to VAT?
- Rubber
18. Which of these seeds is not VAT-exempt?
- Flower seeds
19. Which of the following feed is subject to VAT on importation?
- Swine feeds
20. Feeds of the following animals are considered as specialty feeds, except for,
- Zoo animals

1. Which is not exempt from VAT on importation?


- Importation of school supplies
2. Which importation is not VAT-exempt?
- Importation of personal household effect which are subject to custom duties.
3. The importation of professional instruments and implements may be subject to VAT when the
- Importation involves vehicles and machineries
4. Which importation is exempt from VAT?
- Importation of books by school, student and a bookstore.
5. The importation of which transport medium is exempt from VAT?
- None

10. KAREN IS A PRACTICING CPA. SHE IS ALSO A FULL TIME PROFESSOR


OF ACCOUNTING IN ATENEO DE NAGA UNIVERSITY. IN THE
PRECEDING YEAR, HER GROSS RECEIPTS FROM THE PRACTICE OF
PUBLIC ACCOUNTING WAS P1,400,000 WHILE HER TOTAL
COMPENSATION INCOME AS COLLEGE PROFESSOR WAS P195,000.
WHICH OF THE FOLLOWING STATEMENTS IS CORRECT?
A) SHE IS SUBJECT TO VAT EFFECTIVE JANUARY 1 OF THE CURRENT
YEAR
B) SHE MAY BE SUBJECT TO VAT IF SHE VOLUNTARILY REGISTERS
UNDER THE VAT SYSTEM
C) SHE IS NOT REQUIRED TO PAY EITHER VAT OR ANY BUSINESS TAX
D) SHE IS REQUIRED TO PAY PRIVELEGE TAX RECEIPT BUT NOT
BUSINESS TAX
11. THREE OF THE FOLLOWING ARE VAT-EXEMPT. WHICH IS THE
EXCEPTION?
A) SALES OR IMPORTATION OF MEDICAL, DENTAL AND VETERINARY
MEDICINES
B) SERVICES RENDERED BY PERSONS SUBJECT TO PERCENTAGE TAX
C) RECEIPTS FROM LEASING OF REAL PROPERTIES
D) EXPORT SALES BY PERSONS WHO ARE NOT VAT-REGISTERED
12. WHICH OF THE FOLLOWING IS NOT VAT-EXEMPT?
A) IMPORTATION IN THEIR ORIGINAL STATE OF AGRICULTURAL AND
MARINE FOOD PRODUCTS
B) IMPORTATION OF PASSSENGER OR CARGO VESSEL OF MORE THAN
5,000 TONS TO BE USED BY THE IMPORTER HIMSELF AS OPERATOR
THEREOF
C) IMPORTATION OF PERSONAL AND HOUSEHOLD EFFECT BELONGING
TO PHIL. RESIDENTS RETURNING FROM ABROAD
D) IMPORTATION OF NON-FOOD AGRCULTURAL PRODUCTS IN THEIR
ORIGINAL STATE BY A PRIMARY PRODUCER

You might also like