Recit Questions for August 1

What are VAT rules applied on the premium of non life insurance?
Who are the agricultural contract growers?
Requirements of Service Transactions subject to VAT
Are sale of scrap materials subject to VAT?
Is an employee subject to VAT?
Are real estate brokers liable to VAT?
Are educational services subject to VAT?
When is a sale by cooperatives subject to business tax?
The BIR applies the "segregation rule" in holding that the reimbursement
does not form part of the taxable base if the following conditions are

complied. What are these conditions?

Sony became subject to value added tax on March 1 of the current year. The
value of his beginning inventory of goods, materials and supplies is
P560,000. The value added tax paid on such inventory amount to P15,000.
How much is the transitional input tax of Sony?
What is the taxable base on sales of services?
Distinction between an VAT invoice and a VAT receipt.
treatment of consigned goods to consignees, if not withdrawn within 60
days.
Do all export sales subject to zero-rated VAT?
What comprises the gross receipts of a media advertising business?
Are the sale, importation, printing or publication of books exempt from
VAT?
When are goods or properties originally intended for sale or use in the
business, and capital goods exisiting as of occurrence of these instances
deemed sold?
Is the profit element required forVAT to be imposed?
A vat registered security agency rendered security services to a client. The
contract price inclusive of vat is Php 350,000. The contract states that the
salaries of security guards amounted to Php 221,200 and the rest is the
agency fee. How much is the vat payable?

Recit Questions for August 1

Give the rules where VAT registered person purchases or imports capital
goods which are depreciable assets for income tax purposes.
What is the difference between the sale of electricity from renewable and
non-renewable sources for VAT purposes?
What is the meaning of "unreasonably lower selling price" and when is it
used?
What does "constructive receipt of payment" mean?
Is the Sale of adjacent lots subject to VAT?
Are the sales of books, magazines, newspapers, review or bulletin subject to
vat?
What is casual sale? Is it subject to business tax?
When are franchise grantees of radio or television broadcasting subject to
VAT?
Is an Online store subject to VAT?
Give instances where a VAT-registered person may apply for cancellation of

registration
Compare VAT and non-VAT business in regards to output VAT.
Is the sale of Manila Bulletin Newspaper subject to VAT?
Explain the consumption/destination principle.
What is the difference between ability to pay theory and benefit received

theory?
Explain the VAT invoicing Requirement
Is Atty. Dante Dela Cruz subject to VAT?
What comprises goods or properties?
Who are the people exempted from registration fee?
What are the characteristics of VAT?
Rationale of vat, reasons why vat is imposed
What shall be included in the gross selling price?
Differentiate sale to barter or exchange.
If a VAT-registered person issued a VAT invoice/receipt for VAT-exempt
transactions, is he liable for VAT on these transactions?

Recit Questions for August 1

What is a privilege store? What are the tax obligations of privilege store
owners?
What is consumption tax and its rationale?
What are the requirements for zero-rating of services to non-residents?
Mr. Z, a registered VAT taxpayer sold an equipment to a licensee of
PAGCOR for P50, 000. How much is the amount of the Output VAT?
What are the consequence of issuing Erroneous VAT Invoice or VAT official
Receipt of a non-vat person?
If one of the parties is the government, the output vat shall be based on

what?
What is the presumption for selling price or consideration if VAT is not
separately billed in the document of sale?