Quiz on VAT Total points 8/10
The respondent's email address (artica.sandy@clsu2.edu.ph) was recorded on submission
of this form.
VAT is a tax on consumption levied on the sale, barter, exchange or lease 1/1
of goods or properties and services in the Philippines and on importation
of goods into the Philippines. *
True
False
Value-Added Tax (VAT) is a form of sales tax. * 1/1
True
False
Value-Added Tax (VAT) is a direct tax. * 1/1
True
False
Who are not required to file VAT returns? * 1/1
Any person or entity who, in the course of his trade or business, sells, barters,
exchanges, leases goods or properties and renders services subject to VAT, if the
aggregate amount of actual gross sales or receipts exceed Three Million Pesos
(Php3,000,000.00)
A person required to register as VAT taxpayer but failed to register
Any person, whether or not made in the course of his trade or business, who imports
goods
A marginal income earner (MIE)
Which is not true in filing VAT returns, if there is VAT to be paid * 1/1
File the Monthly VAT declaration, together with the required attachments, and pay
the VAT due thereon with any Authorized Agent Bank (AAB) under the jurisdiction of
the Revenue District Office (RDO)/Large Taxpayers District Office (LTDO) where the
taxpayer (head office of the business establishment) is registered.
Accomplish and submit BIR-prescribed deposit slip, which the bank teller shall
machine validate as evidence that payment was received by the AAB. The AAB
receiving the tax return shall stamp mark the word "Received" on the return and
machine validate the return as proof of filing the return and payment of the tax.
In places where there are no AAB, file the Monthly VAT declaration, together with the
required attachments and pay the VAT due with the Revenue Collection Officer (RCO)
The RCO shall issue a Provisional Receipt upon payment of the tax.
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Revenue Official Receipt
On deadlines for filing the BIR Form 2550 M, which is not correct * 1/1
Manual Filing - Not later than the 20th day following the end of each month
EFPS: Group A - 21 days following the end of the month
EFPS: Group B - 24 days following the end of the month
EFPS: Group C - 23 days following the end of the month
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25 DAYS
Which statement is false? * 0/1
BIR Form 2550M is Monthly Value-Added Tax Return
BIR Form No. 2550Q is Quarterly Value-Added Tax Return
Correct answer
BIR Form 2550M is Monthly Value-Added Tax Return
Which statement is false? * 0/1
Only one consolidated Monthly VAT Declaration/Quarterly VAT Return shall be filed
covering the results of operation of the head office as well as the branches for all
lines of business subject to VAT.
The Quarterly Summary Lists of Sales and Purchases shall be submitted in Compact
Disk-Recordable (CDR) following the format provided under Section 4.114-3(g) of RR
No. 16-2005, as amended by RR No. 1-2012.
The Quarterly Summary Lists of Sales and Purchases shall be submitted through
electronic filing facility for taxpayers under the jurisdiction of the Large
Taxpayers Service (LTS) and those enrolled under the eFPS.
Deadline for filing BIR Form 2550Q is within twenty (20) days following the close of
the taxable quarter.
Correct answer
Deadline for filing BIR Form 2550Q is within twenty (20) days following the close of
the taxable quarter.
Which group of EFPS filers does Collection, Purification and Distribution 1/1
of Water belong to? *
Group A
Group B
Group C
Group D
Group E
Which is false? * 1/1
VAT on sale of goods and properties is twelve percent (12%) of the gross selling
price or gross value in money of the goods or properties sold, bartered or exchanged
VAT on sale of services and use or lease of properties is 12% of gross sales
derived from the sale or exchange of services, including the use or lease of
properties
On importation of goods, VAT shall be 12% based on the total value used by the
Bureau of Customs in determining tariff and customs duties, plus customs duties,
excise taxes, if any, and other charges, such as tax to be paid by the importer prior to
the release of such goods from customs custody; provided, that where the customs
duties are determined on the basis of quantity or volume of the goods, the VAT shall
be based on the landed cost plus excise taxes, if any.
On VAT-registered export sales and other zero-rated sales, VAT shall be 0%
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gross receipts
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