These statements are presented to you for evaluation: Statement I – Any person who, in the course of trade or business, sells, barters, exchanges goods for properties shall be required to register as a VAT taxpayer if his gross sales or receipts for the past twelve (12) months, other than those exempt, exceeds P3,000,000. Statement II – If a taxpayer engaged in a business which is exempt from VAT purchases goods from a VAT-registered supplier, the input tax from the purchase made by him becomes part of the cost of his purchase. In your evaluation of the foregoing statements: Group of answer choices Only Statement I is true. Both statements are false. Only Statement II is true. Both statements are true

These statements are presented to you for evaluation: Statement I – Any person who, in the course of trade or business, sells, barters, exchanges goods for properties shall be required to register as a VAT taxpayer if his gross sales or receipts for the past twelve (12) months, other than those exempt, exceeds P3,000,000. Statement II – If a taxpayer engaged in a business which is exempt from VAT purchases goods from a VAT-registered supplier, the input tax from the purchase made by him becomes part of the cost of his purchase. In your evaluation of the foregoing statements: Group of answer choices Only Statement I is true. Both statements are false. Only Statement II is true. Both statements are true

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 41P

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Which of the following is correct? a. A person with vatable sales or receipts not exceeding the VAT-threshold may register as non-VAT taxpayer. b. A person with vatable sales or receipts not exceeding the VAT-threshold may register as VAT taxpayer. c. A person who commences business with an expectation to exceed the VAT-threshold may register as VAT taxpayer. d. All of the above
A taxpayer registered under the VAT system on January 1, 2019. Value of inventory as of December 31,2018 purchased from VAT – registered persons, P 112,000; VAT paid on inventory as of December 31,2018, P 12,000; Value of inventory as of December 31, 2018 purchased, from non-VAT persons, P518,000; Sales, net of VAT, P 240,000; Sales, gross of VAT, P 45,920; Purchases, net of VAT, P 70,000;Purchases of VAT exempt goods, P 50,000.VAT PAYABLE IS:
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Which of the following taxpayers is required to file a form 8862 to claim certain credits after disallowance?
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Section 162 provides the general rule that expenses incurred in a trade or business are deductible. Reg. §1.162-5 elaborates on the deductibility of A.Travel expenses. B.Expenses of farmers. C.Repairs. D. Expenses for education
1. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. The percentage tax due for the quarter is 2. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. Assuming the taxpayer is VAT-registered, the VAT payable is:
Which of the following statements are correct? i. A VAT invoice should be pre-numbered and must show the: - Words “Tax Invoice” (shown prominently) ii. A VAT invoice should display the total amount of the consideration and the VAT. iii. A VAT invoice should display the name and address of the registered taxpayer to whom the taxable supply is made. iv. A VAT invoice should display the date of the taxable supply. a.All of the above b.i, ii and iv c.i, and iii d.i only
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